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Musk Accused of Cheating Twitter Execs out of Severance Pay

Musk Accused of Cheating Twitter Execs out of Severance Pay May 23, 2024. By Anne Wallace.
San Francisco, CA On March 4, former Twitter executives Parag Agrawal, Ned Segal, Vijaya Gadde and Sean Edgett filed an ERISA lawsuit against Elon Musk and X Corp. (f/k/a/ Twitter) alleging that Musk and X Corp. had failed to pay severance benefits as required by the provisions of the law and the plan documents. The four argue that they are owed a combined $128 million in severance pay.
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Maryland Orders Employer to Fork Over Missed Contributions to 401k Plan

Maryland Orders Employer to Fork Over Missed Contributions to 401k Plan April 22, 2024. By Anne Wallace.
Baltimore, MD On February 1, 2022, the District Court of Maryland ordered Bicallis LLC and its owner, Bryan Hill to restore missing contributions to the Bicallis 401(k) Plan. Bicallis was a Baltimore-based logistics, engineering and management support services company with 25 employees. The contributions were owed to the pension plan under the law and the express terms of the plan.
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DOL Charges TPA Embezzled ERISA Plan Assets

DOL Charges TPA Embezzled ERISA Plan Assets March 18, 2024. By Anne Wallace.
Pittsburgh, PA On February 5, the Western District of Pennsylvania issued a Temporary Restraining Order barring RiversEdge Advanced Retirement Systems, LLC and Paul Palguta, the company’s sole owner and president, from accessing the assets of various ERISA retirement plans. The Department of Labor has accused the third-party administrator of misappropriating and misallocating retirement plan assets from seventeen retirement plans, fourteen of which were covered by ERISA. The defendants also are alleged to have transferred assets among the trust accounts for these plans and generated false records to conceal these transfers. The fraudulent information provided to the plans duped them into filing false reports with the DOL, which further frustrated discovery of the embezzlement.
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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.
Read [ Are Forfeiture Lawsuits the Next Trend for ERISA Litigation in 2024? ]

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.
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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 ]

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