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Goldman Sachs 401k Plan Participants file ERISA Lawsuit over Self-Dealing

Goldman Sachs 401k Plan Participants file ERISA Lawsuit over Self-Dealing November 21, 2019. By Anne Wallace.
New York, NY A class action ERISA lawsuit filed on October 25 in the Southern District of New York claims that Goldman Sachs Inc. and related defendants failed to administer the Goldman Sachs Group Inc. 401k plan prudently and in the best interest of participants. Instead, Falberg v. Goldman Sachs Group Inc. alleges that Goldman managed the plan to benefit the company at the expense of participants. Plan fiduciaries did this by keeping many underperforming proprietary mutual funds in the investment lineup.
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Intel Corp. Investment Policy Committee v. Sulyma to shape ERISA fiduciary lawsuits

Intel Corp. Investment Policy Committee v. Sulyma to shape ERISA fiduciary lawsuits November 7, 2019. By Anne Wallace.
Washington, DCOn December 4, the US Supreme Court will hear arguments in an ERISA lawsuit that may have lasting implications for the ability of plan participants to sue over mismanagement of retirement funds. As Christopher Sulyma argues in his Supreme Court brief, ERISA plan participants should not be assumed to know about (and perhaps have consented to) suspect  financial decisions disclosed in a “Russian nesting doll” style series of linked online documents.
Read [ Intel Corp. Investment Policy Committee v. Sulyma to shape ERISA fiduciary lawsuits ]

Did the Ninth Circuit Gut ERISA Enforcement in Schwab 401k Mismanagement Lawsuit?

Did the Ninth Circuit Gut ERISA Enforcement in Schwab 401k Mismanagement Lawsuit? October 21, 2019. By Anne Wallace.
San Francisco, CA In August, the Ninth Circuit ruled that Charles Schwab Corp. could force plan participants to individually arbitrate their claims that fiduciaries of the Schwab Retirement Savings and Investment Plan (Plan) had mismanaged plan assets. The ERISA lawsuit decision sent shock waves through the Ninth Circuit as it appears to reverse nearly 35 years of judicial precedent about forced arbitration of ERISA claims.
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Safeway 401k Plan to Settle ERISA lawsuit for $8.5 Million

Safeway 401k Plan to Settle ERISA lawsuit for $8.5 Million October 9, 2019. By Anne Wallace.
San Francisco, CA Safeway and Aon Hewitt Investment Consulting Inc. have agreed to pay $8.5 million to settle a proposed class action ERISA lawsuit brought by participants in the Safeway 401k Plan. The workers claim that Safeway and Aon breached their fiduciary obligations by offering high cost investment options that benefitted the investment manager at the expense of participants.
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Fiduciaries’ Desperate Drive to Fund Benefits Backfires

Fiduciaries’ Desperate Drive to Fund Benefits Backfires September 11, 2019. By Anne Wallace.
Santa Ana, CA Aaron Kushner and Eric Spitz, who mismanaged the investments of the Retirement Plan of Freedom Communications, Inc. (the Pension Plan) have offered to settle an ERISA lawsuit brought by the federal Pension Benefits Guaranty Corporation (PBGC) for $7.8 million.
Read [ Fiduciaries’ Desperate Drive to Fund Benefits Backfires ]

ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices

ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices August 23, 2019. By Anne Wallace.
Birmingham, AL In an ERISA lawsuit filed in the Northern District of Alabama, participants in the Compass SmartInvestor 401(k) Plan claim that Plan fiduciaries failed in their legal duty to act prudently for the benefit of plan participants and beneficiaries. The Plan offered only one poorly performing short-term bond investment option and failed to monitor the investment performance of higher cost funds, ostensibly selected to produce higher yields.
Read [ ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices ]

Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts

Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts August 7, 2019. By Anne Wallace.
Boston, MA Since the beginning of 2019, a collection of class action ERISA lawsuits has worked to expose a secret pay-to-play scheme that arguably benefited Fidelity Management and Research Company and related companies (“Fidelity”) at the expense of 401k retirement savers.
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Dignity Health Poised to Settle ERISA Lawsuit for $100 Million

Dignity Health Poised to Settle ERISA Lawsuit for $100 Million July 30, 2019. By Anne Wallace.
San Francisco, CA Dignity Health has agreed to pay $100 million to settle a proposed class action ERISA lawsuit that accused it of using a undeserved religious exemption to justify underfunding its pension plan by $1.5 billion. The proposed settlement would require Dignity Health to add $50 million in retirement plan funding in 2020 and at least $50 million in 2021. In addition, the settlement requires Dignity Health to refrain from reducing participants’ accrued benefits because of a plan merger or amendment for 10 years. Dignity Health has also promised to fund the plan until 2024, making the minimum contribution recommended by actuaries to the plan.
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Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019

Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 July 12, 2019. By Anne Wallace.
Washington, DC It’s semiannual prognostication time for ERISA lawsuits, and in our crystal ball, we see a mysterious stranger, great fortune and heartbreak. No, actually, not. But relying on our lesser powers, we suspect that, for the next six months, three issues will loom large.
Read [ Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 ]

Did Northrup Grumman Squander ERISA Pension Money?

Did Northrup Grumman Squander ERISA Pension Money? June 5, 2019. By Anne Wallace.
Los Angeles, CA Marshall v. Northrop Grumman Corp a class action ERISA lawsuit alleges that fiduciaries of the Northrup Grumman Savings Plan (“Plan”) squandered nearly $10 million in employee 401k retirement money through mismanagement that included paying unnecessary administrative fees between 2010 and 2016.
Read [ Did Northrup Grumman Squander ERISA Pension Money? ]

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