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Minnesota District Court Dismisses ERISA Fiduciary Breach Lawsuit

Minnesota District Court Dismisses ERISA Fiduciary Breach Lawsuit September 5, 2023. By Anne Wallace.
St. Paul, MN On August 21, the federal District Court for the District of Minnesota dismissed – for a second time-- an ERISA lawsuit brought by participants in the Taylor Corporation’s 401k and profit-sharing plan. The decision in Fritton v. Taylor Corp. concludes that the participants did not meet the requirements of what it termed “the meaningful benchmark standard.” The District Court is not the only court to apply this standard.
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Pfizer 401k Plan Hit with ERISA Lawsuit

Pfizer 401k Plan Hit with ERISA Lawsuit August 18, 2023. By Anne Wallace.
Kalamazoo, MI  On June 8, Matthew Miller, a participant in the Pfizer Savings Plan, brought a class action ERISA lawsuit against fiduciaries of the plan. The lawsuit alleges that the fiduciaries breached their duties under ERISA by permitting the $22 billion plan to pay Fidelity, the plan’s recordkeeper, excessive administrative and recordkeeping fees. The key to understanding Matthew A. Miller v. Pfizer, inc., like many other lawsuits that make similar claims, is that “mega plans” can often negotiate lower prices for relatively standard services. The 55,000 participants seek damages from 2017 to the date of judgment.

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Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage

Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage August 15, 2023. By Anne Wallace.
Rochester, NY On June 15, plaintiffs revealed that Xerox Corp. has agreed to settle a class action ERISA lawsuit by paying the 900-retiree class $7.2 million to reimburse them for premiums paid since January 2019. In addition, Xerox committed itself to providing the retirees with premium-free medical coverage and reduced-premium dental coverage.
Read [ Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage ]

Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage

Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage July 5, 2023. By Anne Wallace.
Rochester, NY On June 15, plaintiffs revealed that Xerox Corp. has agreed to settle a class action ERISA lawsuit by paying the 900-retiree class $7.2 million to reimburse them for premiums paid since January 2019. In addition, Xerox committed itself to providing the retirees with premium-free medical coverage and reduced-premium dental coverage.
Read [ Xerox Settles ERISA Lawsuit for $7.2 Million plus Free or Reduced-Cost Retiree Medical and Dental Coverage ]

Family Feud Savages ESOP Participants’ Retirement Fund

Family Feud Savages ESOP Participants’ Retirement Fund June 12, 2023. By Anne Wallace.
Newark, NJ On May 9, former participants in the Asbury Carbons, Inc. Employee Stock Ownership Plan (ESOP) filed a class action ERISA lawsuit in the District of New Jersey. Lance Miller and Larry Richardson et al. v. Neil Brozen, Asbury Carbons Inc., Patrick Sook and Asbury Carbons Inc. Employee Stock Ownership Plan alleges that ESOP fiduciaries allowed Asbury Carbons, a family-owned company, to be sold to a hedge fund for much less than it was worth. The ESOP owned a significant portion of company stock, and as a result of the sale, ESOP participants lost more than half the value of their retirement savings.
Read [ Family Feud Savages ESOP Participants’ Retirement Fund ]

ERISA Lawsuits Target Environmental, Social and Governance Factors in Plan Asset Decisions

ERISA Lawsuits Target Environmental, Social and Governance Factors in Plan Asset Decisions May 16, 2023. By Anne Wallace.
Washington, DC The Department of Labor (DOL) has adopted a rule that would permit, but not require, ERISA retirement plan fiduciaries to consider environmental, social and governance (ESG) factors in making financial decisions. What is generally referred to as the “2022 rule” took effect on January 30, 2023.

Read [ ERISA Lawsuits Target Environmental, Social and Governance Factors in Plan Asset Decisions ]

SAG-AFTRA Health Plan To Pay $15M To Wrap ERISA Suit

SAG-AFTRA Health Plan To Pay $15M To Wrap ERISA Suit April 27, 2023. By LAS Staff Writer.
Santa Clara, CA The SAG-AFTRA Health Plan has agreed to pay $15 million to settle a proposed class-action lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA). The ERISA lawsuit, initially filed in 2020 by late actor and former SAG president, Ed Asner, and nine other defendants claimed that the health plan improperly denied or terminated benefits to older performers who were entitled to them.
Read [ SAG-AFTRA Health Plan To Pay $15M To Wrap ERISA Suit ]

What Now? Retirement Plan Cybertheft Is ERISA Lawsuit To Watch

What Now? Retirement Plan Cybertheft Is ERISA Lawsuit To Watch April 3, 2023. By Anne Wallace.
New York, NY On October 6, 2021, when Paula Disberry submitted a claim for benefits from the Colgate-Palmolive Company Employees Savings and Investment Plan (Plan”), she discovered that $750,000 in retirement savings was gone. She’d been robbed.
Read [ What Now? Retirement Plan Cybertheft Is ERISA Lawsuit To Watch ]

Gaming Giant to Settle ERISA Lawsuit for $5.5 Million

Gaming Giant to Settle ERISA Lawsuit for $5.5 Million March 28, 2023. By Anne Wallace.
St Joseph, MO On January 30, the federal district court for the Western District of Missouri gave preliminary approval to a $5.5 million settlement that will end Lipari-Williams v. Penn National Gaming, Inc. In their class action ERISA lawsuit, casino workers claimed that the company reduced their paychecks if they used tobacco in violation of ERISA, the Fair Labor Standards Act (FLSA), Missouri minimum wage laws and the Affordable Care Act (ACA). Settlement amounts will vary, but members of the ERISA class are expected to pocket roughly $370 each. Final approval of the unopposed settlement offer is expected in May.

Read [ Gaming Giant to Settle ERISA Lawsuit for $5.5 Million ]

Cumulus Media Settles ERISA class action for $1M

Cumulus Media Settles ERISA class action for $1M March 21, 2023. By Jane Mundy.
Atlanta, GA A proposed class action claiming that Cumulus Media Inc. violated the Employee Retirement Income Security Act will settle for $1 million, subject to court approval . The complaint was filed in December 2022 against the radio broadcasting company by seven former employees who claimed the fee practices and investment selections of the company's 401(k) plan violated ERISA.

Read [ Cumulus Media Settles ERISA class action for $1M ]

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