LAWSUITS NEWS & LEGAL INFORMATION
ERISA Violation Legal News Articles & Interviews
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.
March 28, 2019. By Anne Wallace.
Read [ Johnson & Johnson Talc Tribulations Spark ERISA Lawsuit ]
Newark, NJ On January 25, participants in the Johnson and Johnson Savings Plan (the “401k Plan”), filed a class action ERISA lawsuit claiming that the 401k Plan fiduciaries encouraged them to invest imprudently in company stock. The lawsuit, Tarantino v. Johnson and Johnson Pension and Benefits Committee , claims that the value of the stock was inflated because J&J hid the possibility that Baby Powder, its signature product, was contaminated with asbestos. The company allegedly held on to the secret for decades.
March 11, 2019. By Anne Wallace.
Read [ ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks ]
Boston, MA On February 21, 2019, Andre W. Wong, a participant in T-Mobile USA Inc.'s 401(k) plan, filed a class action ERISA lawsuit in Massachusetts District Court. The lawsuit may ultimately affect nearly every 401k plan participant in every plan that has offered investment options managed by Fidelity Investments since 2017. Wong v. FMR LLC lays out a complicated pay-to-play scheme (disarmingly and perhaps deceptively described in internal documents as “supermarket fees”).
February 14, 2019. By Anne Wallace.
Read [ Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits ]
Los Angeles, CA Delgado v. ILWU-PMA Welfare Plan, an ERISA lawsuit now pending in the U.S. District Court for the Central District of California, has more lives than a cat.
January 15, 2019. By Anne Wallace.
Read [ Employee 401(k) Lawsuit Claims GE Inflated Stock Value ]
Albany, NY On December 14, 2018, Adele Vargas filed a class action ERISA lawsuit against General Electric Company (“GE”) and Jeffrey Immelt, its former CEO. She alleges that GE improperly manipulated its earnings and inflated its stock price.
December 12, 2018. By Anne Wallace.
Read [ SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit ]
Philadelphia, PA On September 28, 2018, Gordon Stevens filed a class action ERISA lawsuit claiming that his employer, SEI Investments Company, forced him and other SEI 401(k) plan participants into retirement investments that made money for the company, regardless of the employees’ own best interests.
Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg
November 17, 2018. By Anne Wallace.
Read [ Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg ]
Washington, DC When asked why he robbed banks, Willie Sutton reportedly replied, “Because that’s where the money is.” Now, however, roughly $5 trillion, or a fifth of all U.S. retirement assets, sit in 401(k) accounts. Today’s Willie Suttons are there, too, as recent ERISA lawsuits and criminal prosecutions confirm.
- 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)