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Biogen ERISA Lawsuit Slams 401k Fiduciaries for Poor Investments, High Costs

Biogen ERISA Lawsuit Slams 401k Fiduciaries for Poor Investments, High Costs September 10, 2020. By Anne Wallace.
Boston, MA On August 31, participants in the Biogen, Inc. 401(k) Savings Plan filed a class-action ERISA lawsuit, alleging that plan administrators mismanaged employees’ retirement savings in ways that will leave them poorer in retirement.
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3 Lessons for Plaintiffs in 401k Fiduciary Mismanagement Lawsuits

3 Lessons for Plaintiffs in 401k Fiduciary Mismanagement Lawsuits August 10, 2020. By Anne Wallace.
Green Bay, WI  Albert v. Oshkosh Corp., a class action ERISA lawsuit filed in the Eastern District of Wisconsin, alleges that participants in the Oshkosh Corporation and Affiliates Tax Deferred Investment Plan (the “Plan”) were harmed when Plan fiduciaries chose imprudent investments and authorized unreasonably high fees. In a nutshell, the Complaint charges that the Plan wasted the retiree’s money. Foolish fiduciaries lead to pinched pensioners.
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California Court Rejects Dignity Health Settlement Again

California Court Rejects Dignity Health Settlement Again July 8, 2020. By Anne Wallace.
Oakland, CA The long-awaited settlement in Rollins v. Dignity Health, a class action ERISA lawsuit, that has been moving through the legal system since 2013, continues to be just that – long awaited. On June 12, the District Court for the Northern District of California refused to approve a proposed settlement for the second time since 2019.
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Employee Stock Ownership Lawsuit Unmasks Brazen Corporate Fraud

Employee Stock Ownership Lawsuit Unmasks Brazen Corporate Fraud June 18, 2020. By Anne Wallace.
Riverside, CA The allegations made in Gamino v. KPC Healthcare are pretty lurid, especially as ERISA lawsuits go. Even apart from the loaded handgun and the slashed tires, the Complaint tells a tale of shocking financial malfeasance.
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ERISA Lawsuits Target United HealthCare Reimbursements Practices

ERISA Lawsuits Target United HealthCare Reimbursements Practices June 10, 2020. By Anne Wallace.
Pasadena, CA The Glendale Outpatient Surgery Center’s (“GOSC”) ERISA lawsuit against United HealthCare Services Inc. and UnitedHealthcare Insurance Co. (collectively “United HealthCare”) claims that the insurance giant skimped on reimbursement for services rendered by GOSC to United HealthCare patients. On May 19 the Ninth Circuit dismissed the lawsuit, opining that the Complaint failed to describe how United HealthCare violated ERISA. The fatal flaw was that the lawsuit did not identify a specific ERISA plan or plan terms that would have required payment. In other words, the court simply did not have enough specific information to act on. The lawsuit was dismissed “without prejudice,” which means that it can be revised and relaunched.

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Putnam Investments to Settle 401k Self-Dealing Lawsuit for $12.5 Million

Putnam Investments to Settle 401k Self-Dealing Lawsuit for $12.5 Million May 6, 2020. By Anne Wallace.
Boston, MA Participants in the Putnam Retirement Plan have agreed to settle their ERISA lawsuit against Putnam Investments and other Plan fiduciaries for $12.5 million and certain prospective changes in plan administration. Following close on the heels of the U.S. Supreme Court’s decision not to review the lower court’s determination, the settlement leaves open two important questions that arise in countless 401k mismanagement lawsuits. But by keeping these issues alive, the end of Brotherston v. Putnam Investments represents a qualified victory for 401k plan participants.
Read [ Putnam Investments to Settle 401k Self-Dealing Lawsuit for $12.5 Million ]

JPMorgan Chase to Settle 401k Self-Dealing Lawsuit

JPMorgan Chase to Settle 401k Self-Dealing Lawsuit April 22, 2020. By Anne Wallace.
New York, NY JPMorgan Chase has notified the Second Circuit that it will settle a class action ERISA lawsuit affecting as many as a quarter million 401k plan participants. Details of the settlement will be available by May 22, when the motion for preliminary approval is submitted to the court.
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BOEING DEFENDANTS IN STOCK DROP LAWSUIT CLAIM THEY WERE NOT FIDUCIARIES

BOEING DEFENDANTS IN STOCK DROP LAWSUIT CLAIM THEY WERE NOT FIDUCIARIES March 31, 2020. By Anne Wallace.
Chicago, IL On March 2 attorneys for Boeing, its 401k retirement plan and the plan’s investment committee asked the District Court for the Northern District of Illinois to dismiss Burke v. The Boeing Co. The defendants claim that Newport Trust Co., the plan’s investment manager, was solely responsible for any losses incurred by participants in the Boeing Voluntary Investment Plan (VIP) when the value of Boeing’s stock dropped in the aftermath of the 737 MAX 8 aircraft disasters. Newport was not named as a defendant in the ERISA lawsuit.
Read [ BOEING DEFENDANTS IN STOCK DROP LAWSUIT CLAIM THEY WERE NOT FIDUCIARIES ]

TIAA ERISA LAWSUIT TARGETS SELF-DEALING IN LOAN ADMINISTRATION

TIAA ERISA LAWSUIT TARGETS SELF-DEALING IN LOAN ADMINISTRATION March 16, 2020. By Anne Wallace.
New York, NY Retirement plan participants who are concerned that plan administrators and service providers may be running the plan for their own benefit can extract three important lessons from Haley v. Teachers Ins. & Annuity Assoc. of America. First, the possibility that plan fiduciaries and record keepers may be engaged in self-dealing is a very hot topic. These ERISA lawsuits may involve thousands of retirement plans and exponentially more retirement savers. That many plaintiffs can spell huge liability for those who manage a plan. Second, the success of these lawsuits depends on being granted class action status; and finally, the issue of who is a fiduciary and why it matters is often central when it comes to allegations of self-dealing.
Read [ TIAA ERISA LAWSUIT TARGETS SELF-DEALING IN LOAN ADMINISTRATION ]

Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second Circuit

Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second Circuit February 11, 2020. By Anne Wallace.
Washington, DC On January 14, the Supreme Court sent Retirement Plans Committee of IBM v. Jander, a much-watched ERISA lawsuit, back to the Second Circuit for further consideration of defensive arguments raised by the plan administrators. The decision is a setback, although perhaps not a fatal one, for participants in employee stock ownership plans (ESOPs) who claim that they have been injured because of corporate financial fraud. These “stock drop” lawsuits are one of several different kinds of 401k fiduciary mismanagement lawsuits.

Read [ Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second Circuit ]

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