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ERISA Violation Legal News Articles & Interviews

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Another Option for Workers Who Cannot Save through an ERISA Retirement Plan

Another Option for Workers Who Cannot Save through an ERISA Retirement Plan February 8, 2024. By Anne Wallace.
San Francisco, CA In February 2022, the United States Supreme Court denied the petition for certiorari filed by the petitioner in Howard Jarvis Taxpayers Association v. The California Secure Choice Retirement Savings Program (CalSavers). The denial kept in place a decision of the Ninth Circuit that permitted a California-sponsored and administered retirement plan for employees of small businesses.
Read [ Another Option for Workers Who Cannot Save through an ERISA Retirement Plan ]

More Long-Term Part Timers May Now Save Through 401k ERISA Plans

More Long-Term Part Timers May Now Save Through 401k ERISA Plans January 22, 2024. By Anne Wallace.
Washington, DC Beginning on January 1, 2024, an expanded group of long-term part-time employees may be able to participate in their employer’s 401k ERISA retirement plan. It’s a small tweak in the 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act) that could have major implications for young and underemployed workers who struggle to save for retirement. Many employers are still processing the changes, so it may ultimately fall to workers to ensure that they are afforded the opportunities provided by law. In most cases, a well-crafted inquiry (with the advice of competent counsel) may eliminate the need for an ERISA lawsuit.
Read [ More Long-Term Part Timers May Now Save Through 401k ERISA Plans ]

Are Forfeiture Lawsuits the Next Trend for ERISA Litigation in 2024?

Are Forfeiture Lawsuits the Next Trend for ERISA Litigation in 2024? January 3, 2024. By Anne Wallace.
Oakland, CA On December 13, Clorox Co. asked the Northern District of California to dismiss a class action ERISA breach of fiduciary duty lawsuit that targets the company’s longstanding practice of using forfeited employer contributions to participants’ accounts to reduce its required contributions to the plan. Plan participants argue that forfeited amounts should instead be used to defray the plan’s administrative expenses.
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MetLife to Settle ERISA Lawsuit for $4.5 Million

MetLife to Settle ERISA Lawsuit for $4.5 Million December 15, 2023. By Anne Wallace.
New York, NY On November 20 MetLife Group and a group of participants in the MetLife 401(k) Plan agreed to settle an ERISA breach of fiduciary duty lawsuit for $4.5 million. In their amended class-action complaint, plan participants accused plan fiduciaries of failing to act solely in the interest of plan participants and beneficiaries by including proprietary investment options in the plan when similar, cheaper and better-performing investments were available in the marketplace.

Read [ MetLife to Settle ERISA Lawsuit for $4.5 Million ]

ESG Rules for ERISA Plan Investing Survive Conservative Challenge

ESG Rules for ERISA Plan Investing Survive Conservative Challenge November 14, 2023. By Anne Wallace.
Amarillo, TX On September 21, US District Court for the Northern District of Texas Judge Matthew J. Kasmaryk held that plan fiduciaries may consider environmental, social and governance (ESG) factors in choosing pension plan investments. The ERISA lawsuit, Utah v. Walsh, was seen as the “anti-woke” coalition’s best shot at limiting the range of factors that fiduciaries could consider in investment decisions.
Read [ ESG Rules for ERISA Plan Investing Survive Conservative Challenge ]

Construction Laborers Pension Plan Sues Investment Manager for ERISA Breach

Construction Laborers Pension Plan Sues Investment Manager for ERISA Breach October 17, 2023. By Anne Wallace.
Los Angeles, CA On September 15, the Construction Laborers Pension Plan for Southern California and the Board of Trustees for that fund filed an ERISA lawsuit against Meketa Investment Group and Judy Chambers. The lawsuit alleges that Meketa breached its fiduciary duty to the Pension Fund by advising it to invest $30 million in participants’ retirement savings in a California-focused Infrastructure Fund to be managed by Onset General Partner, LLC. Onset was a hastily formed company with ties to Chambers. Meketa then essentially abandoned its fiduciary and contractual duties to review and monitor Onset’s investment program.
Read [ Construction Laborers Pension Plan Sues Investment Manager for ERISA Breach ]

Allianz Asset Management Settles ERISA Lawsuit for $7.5 Million

Allianz Asset Management Settles ERISA Lawsuit for $7.5 Million October 3, 2023. By Anne Wallace.
Santa Ana, CA On August 18, Allianz Asset Management of America, LLC and the Investment Committee of the Allianz Asset Management of America 401(k) Savings and Retirement Plan agreed to settle a breach of fiduciary duty ERISA lawsuit brought by former participants in the plan. The $7.5 million payout will go to roughly 5,139 participants and beneficiaries in the 401k plan, according to the filing.
Read [ Allianz Asset Management Settles ERISA Lawsuit for $7.5 Million ]

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.
Read [ Minnesota District Court Dismisses ERISA Fiduciary Breach Lawsuit ]

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 ]

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