LAWSUITS NEWS & LEGAL INFORMATION
ERISA Violation Legal News Articles & Interviews
September 10, 2020. By Anne Wallace.
Read [ Biogen ERISA Lawsuit Slams 401k Fiduciaries for Poor Investments, High Costs ]
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.
August 10, 2020. By Anne Wallace.
Read [ 3 Lessons for Plaintiffs in 401k Fiduciary Mismanagement Lawsuits ]
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.
July 8, 2020. By Anne Wallace.
Read [ California Court Rejects Dignity Health Settlement Again ]
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.
June 18, 2020. By Anne Wallace.
Read [ Employee Stock Ownership Lawsuit Unmasks Brazen Corporate Fraud ]
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.
June 10, 2020. By Anne Wallace.
Read [ ERISA Lawsuits Target United HealthCare Reimbursements Practices ]
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.
May 6, 2020. By Anne Wallace.
Read [ Putnam Investments to Settle 401k Self-Dealing Lawsuit for $12.5 Million ]
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.
April 22, 2020. By Anne Wallace.
Read [ JPMorgan Chase to Settle 401k Self-Dealing Lawsuit ]
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.
March 31, 2020. By Anne Wallace.
Read [ BOEING DEFENDANTS IN STOCK DROP LAWSUIT CLAIM THEY WERE NOT FIDUCIARIES ]
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.
March 16, 2020. By Anne Wallace.
Read [ TIAA ERISA LAWSUIT TARGETS SELF-DEALING IN LOAN ADMINISTRATION ]
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.
February 11, 2020. By Anne Wallace.
Read [ Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second Circuit ]
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.
- Employees May Work 6 Years Longer when Employer Skims Fees off the Top of 401k Plan By Anne Wallace (Jan-22-20)
- U.S. Supreme Court to Hear Oral Arguments in ERISA Breach of Fiduciary Duty Lawsuit By Anne Wallace (Jan-10-20)
- Dignity Health ERISA Lawsuit Inches Toward $100 Million Settlement By Anne Wallace (Dec-10-19)
- Goldman Sachs 401k Plan Participants file ERISA Lawsuit over Self-Dealing By Anne Wallace (Nov-21-19)
- Intel Corp. Investment Policy Committee v. Sulyma to shape ERISA fiduciary lawsuits By Anne Wallace (Nov-7-19)
- Did the Ninth Circuit Gut ERISA Enforcement in Schwab 401k Mismanagement Lawsuit? By Anne Wallace (Oct-21-19)
- Safeway 401k Plan to Settle ERISA lawsuit for $8.5 Million By Anne Wallace (Oct-9-19)
- Fiduciaries’ Desperate Drive to Fund Benefits Backfires By Anne Wallace (Sep-11-19)
- ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices By Anne Wallace (Aug-23-19)
- Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts By Anne Wallace (Aug-7-19)
- Dignity Health Poised to Settle ERISA Lawsuit for $100 Million By Anne Wallace (Jul-30-19)
- Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 By Anne Wallace (Jul-12-19)
- Did Northrup Grumman Squander ERISA Pension Money? By Anne Wallace (Jun-5-19)
- Expert in ERISA Lawsuit Stumped by Basic Questions By Anne Wallace (May-17-19)
- President (of Yale) Can’t Dodge Deposition By Anne Wallace (May-9-19)
- Latest ERISA Lawsuit News – 401k Mismanagement Lawsuits Going Strong, New Settlement in Treatment Denial Case By Anne Wallace (Apr-26-19)
- Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit By Anne Wallace (Apr-19-19)
- Johnson & Johnson Talc Tribulations Spark ERISA Lawsuit By Anne Wallace (Mar-28-19)
- ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks By Anne Wallace (Mar-11-19)
- Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits By Anne Wallace (Feb-14-19)
- Employee 401(k) Lawsuit Claims GE Inflated Stock Value By Anne Wallace (Jan-15-19)
- SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit By Anne Wallace (Dec-12-18)
- Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg By Anne Wallace (Nov-17-18)
- Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement By Anne Wallace (Oct-18-18)
- 401(k) Lawsuit Continues against Franklin Templeton By Anne Wallace (Oct-15-18)
- Prosthetic Denial Lawsuits Filed against UnitedHealth Group and Anthem under ERISA By Jane Mundy (Sep-24-18)
- Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate By Anne Wallace (Aug-9-18)
- Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit By Anne Wallace (Jul-9-18)
- Invesco Accused of Treating ERISA Plan Participants as Captive Investors By Anne Wallace (Jun-13-18)
- Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement By Anne Wallace (May-9-18)
- Are Missed Contributions Considered Plan Assets Under ERISA? By Gordon Gibb (Mar-22-18)
- Plaintiffs Litigating ERISA Lawsuit v. Oracle Corp. Achieve Class Action Status By Gordon Gibb (Feb-15-18)
- Plaintiffs in Class Action ERISA Lawsuit Allege Breach of Fiduciary Duties By Gordon Gibb (Jan-23-18)
- Sears Facing 401K Class Action Lawsuit By Lucy Campbell (Jul-19-17)
- $363 Million Raised Through Sale of BP Oil Stock By Charles Benson (Sep-6-10)
- BP ERISA: What Effect Do These Lawsuits Have on Employee Benefits Plans? By Heidi Turner (Aug-31-10)
- BP Securities and BP Employee Plan Lawsuits Headed For Houston By Gordon Gibb (Aug-19-10)
- Investors Seeking Assurances That BP Stock Losses Won't Happen Again By Gordon Gibb (Aug-12-10)
- Hayward to Recieve $930,000 BP Pension By Charles Benson (Aug-5-10)
- BP ERISA: Was Company Stock a Prudent Investment? By Heidi Turner (Jul-31-10)