LAWSUITS NEWS & LEGAL INFORMATION
ERISA Violation Legal News Articles & Interviews
September 11, 2019. By Anne Wallace.
Read [ Fiduciaries’ Desperate Drive to Fund Benefits Backfires ]
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.
August 23, 2019. By Anne Wallace.
Read [ ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices ]
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.
August 7, 2019. By Anne Wallace.
Read [ Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts ]
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.
July 30, 2019. By Anne Wallace.
Read [ Dignity Health Poised to Settle ERISA Lawsuit for $100 Million ]
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.
Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019
July 12, 2019. By Anne Wallace.
Read [ Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 ]
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.
June 5, 2019. By Anne Wallace.
Read [ Did Northrup Grumman Squander ERISA Pension Money? ]
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.
May 17, 2019. By Anne Wallace.
Read [ Expert in ERISA Lawsuit Stumped by Basic Questions ]
New York, NY McCutcheon v. Colgate- Palmolive Co. is a rarity among modern ERISA lawsuits for the simple reason that it deals with a defined benefit retirement plan. In her class action lawsuit, Rebecca McCutcheon claims that her benefit and the benefits of many participants in the Colgate-Palmolive Co. Employees’ Retirement Income Plan (“Plan”) were miscalculated. Surprisingly, the expert witness offered by the Plan was unable to answer fundamental questions about how benefits were calculated.
May 9, 2019. By Anne Wallace.
Read [ President (of Yale) Can’t Dodge Deposition ]
New Haven, CT Peter Salovey, the president of Yale University, must submit to a deposition in a long-running class action ERISA lawsuit. Vellali v. Yale University claims that the university, as a fiduciary of the Yale University Retirement Account Plan (the “Plan”), mismanaged Plan assets and investment options in a way that harmed workers trying to save for retirement. It occurs in the context of several similar university ERISA lawsuits. The results of these have been very mixed – some wins, some losses for plan participants, with no clear trend developing. Yale University also has a long history of labor troubles.
Latest ERISA Lawsuit News – 401k Mismanagement Lawsuits Going Strong, New Settlement in Treatment Denial Case
April 26, 2019. By Anne Wallace.
Read [ Latest ERISA Lawsuit News – 401k Mismanagement Lawsuits Going Strong, New Settlement in Treatment Denial Case ]
Los Angeles, CA Three ERISA lawsuits – two in the District Court for the Central District of California and two in the Northern District of California – show that ERISA can be a powerful tool to protect workers’ rights. Plan participants who claim that their 401k accounts were mismanaged are on a lawsuit hot streak, and patients who have had coverage denied for medical treatments deemed too “investigational” are beginning to see some success, as well.
April 19, 2019. By Anne Wallace.
Read [ Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit ]
Chicago, IL On March 31, participants in the Boeing Voluntary Investment Plan (VIP Plan) filed a class action ERISA lawsuit in the Northern District of Illinois. The lawsuit alleges that Boeing knew about problems with its 737 MAX series of airplanes and hid the bad news, all while encouraging plan participants to invest in company stock though the VIP Stock Fund. When the planes dove out of the sky, the stock price dropped, too. Although it hardly compares to the terrible and tragic loss of life, plan participants were also injured when their retirement savings vanished.
- 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)
- BP ERISA Class-Action Lawsuit Seeks Compensation for Pension Losses By Gordon Gibb (Jul-21-10)
- Gulf Oil Spill Impacts BP Employee Pension Plan By Charles Benson (Jul-13-10)
- BP Faces Stockholder and ERISA Lawsuits By Heidi Turner (Jul-6-10)
- BP Employees Sue Over Losses By Lucy Campbell (Jun-29-10)
- BP Investigated for Potential ERISA Wrongdoing amidst Grave 401(k) Losses By Gordon Gibb (Jun-26-10)
- Attorney Greg Porter Speaks about BP ERISA By Heidi Turner (Jun-19-10)