LAWSUITS NEWS & LEGAL INFORMATION
ERISA Violation Legal News Articles & Interviews
April 13, 2021. By Anne Wallace.
Read [ Did Detroit Edison Mislead Retirees about Benefits? ]
Cincinnati, OH On March 23, the Sixth Circuit revived an ERISA lawsuit that alleges that Detroit Edison Co. misled plan participants about the benefits they could expect at retirement when the plan design was changed in 2002. The Appeals Court’s decision in Nolan v. Detroit Edison Co. gives the participants a fresh opportunity to show that the disclosure to participants about the plan’s conversion to a cash balance plan failed to meet basic ERISA requirements. Nolan seeks class action status.
April 2, 2021. By Anne Wallace.
Read [ Insurer May Renew Defense in Tangled ESOP Lawsuit ]
Detroit, MI On March 4, The District Court for the Eastern District of Michigan held that Great American Fidelity Insurance Co. (Great American) could renew its argument that it should not be required to defend Stout Risius Ross (Stout) against a claim by Appvion Retirement Savings and Employee Stock Ownership Plan (Appvion ESOP). Great American Fidelity Insurance Co. v. Stout Risius Ross Inc., an insurance contract claim, is one piece of the fallout from the sprawling ERISA lawsuit that includes Appvion v. Buth. The facts are complicated.
March 15, 2021. By Anne Wallace.
Read [ Federal Court Okays Class Action Status for 401k Mismanagement Lawsuit ]
Philadelphia, PA On March 8, the U.S. District Court for the Eastern District of Pennsylvania granted class action status to plaintiffs in Boley v. Universal Health Services. The ERISA lawsuit claims that fiduciaries of the Universal Health Services Inc. Retirement Savings Plan mismanaged the 401k plan in violation of ERISA.
February 8, 2021. By Anne Wallace.
Read [ Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit ]
Chicago, IL On January 25, the Northern District of Illinois denied Triad Manufacturing’s attempt to force ESOP participants to individually arbitrate their claims of fiduciary self-dealing. The ERISA lawsuit, James Smith v. Board of Directors of Triad Manufacturing Inc., alleged that the Board of Directors caused the plan to buy Triad stock at an inflated price, harming retirement savers for the benefit of individual board members who were also, not coincidentally, the sellers of the stock. The Court held that plan participants may now continue to the merits of their fiduciary breach lawsuit on a class-wide basis.
January 18, 2021. By Anne Wallace.
Read [ Motion Picture Industry ERISA Plan under the Bright, Hot Lights ]
Los Angeles, CA On October 7, Patricia Klawonn filed an ERISA lawsuit against the Board of Directors for the Motion Picture Industry Pension Plans in the District Court for the Central District of California. The lawsuit alleges that The Board breached its fiduciary duty under ERISA, citing as evidence “abysmal returns [that] are the product of a fundamentally flawed investment strategy.” The Board has moved to dismiss the lawsuit, citing fundamental flaws, including a statute of limitations problem.
January 8, 2021. By Anne Wallace.
Read [ SAG-AFTRA Health Plan Dumps Oldest Participants ]
Los Angeles, CA On December 1, 91-year-old actor Ed Asner and nine other participants in the Screen Actors Guild-Producers Health Plan filed a class action ERISA lawsuit against the SAG-AFTRA Health Fund and Trustees of the Plan. The early coverage of the lawsuit focuses on what appears to be age discrimination against veteran actors, many of whom sacrificed television residuals for pre-1960 movies to fund the health plan at its outset.
December 14, 2020. By Anne Wallace.
Read [ “Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million ]
Boston, MA Toomey v. DeMoulas Super Markets, Inc., a class action ERISA lawsuit filed in the Massachusetts District Court in 2019, will settle for $17.5 million and prospective changes to the plan’s investment strategy, pending the court’s final approval in April 2021. While ERISA industry advisors have characterized the DeMoulas (Restated) Profit Sharing Plan and Trust’s investment management style as “too conservative,” the Complaint is far more brutal. It describes the performance of the investment fund as “abysmal.”
November 5, 2020. By Anne Wallace.
Read [ Lubbock National Bank to Settle ERISA Lawsuit for $2 Million ]
Raleigh, NC The Eastern District of North Carolina seems poised to approve a $2 million settlement that will end an ERISA lawsuit against Lubbock National Bank as trustee of the TBM Consulting Group, Inc. Employee Stock Ownership Plan. It’s an unfortunately familiar story of a major shareholder/officer who unloads overpriced company stock on employees through an ESOP and then moves on.
October 22, 2020. By Anne Wallace.
Read [ Court Greenlights Class Action Status for Home Depot 401k ERISA Lawsuit ]
Atlanta, GA On September 21, the District Court for the Northern District of Georgia ruled that an ERISA lawsuit brought by participants in the Home Depot FutureBuilder 401(k) Plan against plan fiduciaries could proceed as a class action lawsuit. Pizarro v. The Home Depot is particularly notable for the number of participant who may be affected – now estimated to top 300,000.
October 11, 2020. By Anne Wallace.
Read [ OSF Church Plan Participants Settle for “ERISA Lite” ]
Benton, IL Participants in the OSF Plans have agreed to settle an ERISA lawsuit, against OSF Healthcare System and related parties, which challenged the plan’s status a church plan. The settlement will require OSF to contribute $25 million over 5 years to the plans, and to provide participants with documents disclosing plan provisions and changes. In addition, participants will be permitted to request twice-yearly statements of their expected benefits.
- ERISA Lawsuit Targets ESOP Scam By Anne Wallace (Sep-21-20)
- Biogen ERISA Lawsuit Slams 401k Fiduciaries for Poor Investments, High Costs By Anne Wallace (Sep-10-20)
- 3 Lessons for Plaintiffs in 401k Fiduciary Mismanagement Lawsuits By Anne Wallace (Aug-10-20)
- California Court Rejects Dignity Health Settlement Again By Anne Wallace (Jul-8-20)
- Employee Stock Ownership Lawsuit Unmasks Brazen Corporate Fraud By Anne Wallace (Jun-18-20)
- ERISA Lawsuits Target United HealthCare Reimbursements Practices By Anne Wallace (Jun-10-20)
- Putnam Investments to Settle 401k Self-Dealing Lawsuit for $12.5 Million By Anne Wallace (May-6-20)
- JPMorgan Chase to Settle 401k Self-Dealing Lawsuit By Anne Wallace (Apr-22-20)
- BOEING DEFENDANTS IN STOCK DROP LAWSUIT CLAIM THEY WERE NOT FIDUCIARIES By Anne Wallace (Mar-31-20)
- TIAA ERISA LAWSUIT TARGETS SELF-DEALING IN LOAN ADMINISTRATION By Anne Wallace (Mar-16-20)
- Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second Circuit By Anne Wallace (Feb-11-20)
- 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)