LAWSUITS NEWS & LEGAL INFORMATION
Financial Legal News Articles & Interviews
May 22, 2020. By Anne Wallace.
Read [ Mandatory Arbitration Amendments Thwart Excessive Overdraft Fee Lawsuits ]
Washington, DC Even with a promising bank overdraft fees lawsuit, checking account consumers can find themselves suddenly, unexpectedly blocked by an obligation to arbitrate disputes with a bank or credit union. Consumers are often not even aware that they have signed these agreements. Under recent U.S. Supreme Court rulings, that can be the end of a class action lawsuit.
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.
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.
January 10, 2020. By Anne Wallace.
Read [ U.S. Supreme Court to Hear Oral Arguments in ERISA Breach of Fiduciary Duty Lawsuit ]
Washington, DC On January 13, the U.S. Supreme Court will hear oral arguments in Thole v. U.S. Bank, NA, an ERISA lawsuit (ERISA) that has major implications for the rights of participants and beneficiaries to sue plan sponsors under the basic legal framework of ERISA. The defendant plan sponsor will argue that the plaintiff retirees have no standing to sue over alleged breaches of fiduciary duty because they have not suffered any individual financial loss. The defendant plan sponsor will ask the Court to affirm an Eighth Circuit decision that limits participants’ rights to oversee investment management decisions.
December 10, 2019. By Anne Wallace.
Read [ Dignity Health ERISA Lawsuit Inches Toward $100 Million Settlement ]
Oakland, CA The Dignity Health ERISA lawsuit has been exhaustively litigated since 2013, but now appears close to settlement. The proposed settlement in Rollins v. Dignity Health, which still requires final approval by the Northern District of California, would require Dignity Health to add $50 million in retirement plan funding in 2020 and at least $50 million in 2021. In addition, Dignity Health must not reduce 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.
November 21, 2019. By Anne Wallace.
Read [ Goldman Sachs 401k Plan Participants file ERISA Lawsuit over Self-Dealing ]
New York, NY A class action ERISA lawsuit filed on October 25 in the Southern District of New York claims that Goldman Sachs Inc. and related defendants failed to administer the Goldman Sachs Group Inc. 401k plan prudently and in the best interest of participants. Instead, Falberg v. Goldman Sachs Group Inc. alleges that Goldman managed the plan to benefit the company at the expense of participants. Plan fiduciaries did this by keeping many underperforming proprietary mutual funds in the investment lineup.
November 11, 2019. By Anne Wallace.
Read [ Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees ]
Philadelphia, PA “Gouging” is often implied, but rarely actually said excessive overdraft fee lawsuits. But there it is, in the class action lawsuit’s description of Philadelphia Federal Credit Union’s practice of charging multiple $28 insufficient fee charges for the same transaction and PFCU’s legal duty not to “[exercise] its discretion to enrich itself and gouge its customers.” It’s hot language, but a simple story.
October 21, 2019. By Anne Wallace.
Read [ Did the Ninth Circuit Gut ERISA Enforcement in Schwab 401k Mismanagement Lawsuit? ]
San Francisco, CA In August, the Ninth Circuit ruled that Charles Schwab Corp. could force plan participants to individually arbitrate their claims that fiduciaries of the Schwab Retirement Savings and Investment Plan (Plan) had mismanaged plan assets. The ERISA lawsuit decision sent shock waves through the Ninth Circuit as it appears to reverse nearly 35 years of judicial precedent about forced arbitration of ERISA claims.
October 16, 2019. By Anne Wallace.
Read [ United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million ]
Reno, NV On July 23, 2015, Tonya Gunter had enough money in her checking account to cover her transactions. Nonetheless, United Federal Credit Union (UFCU) charged her eight $30 overdraft fees because her “available balance,” a different and arguably artificially defined number, was too low. Gunter sued. United Federal Credit Union has now agreed to settle Gunter’s class action excessive overdraft fee lawsuit for $1.75 million.
October 9, 2019. By Anne Wallace.
Read [ Safeway 401k Plan to Settle ERISA lawsuit for $8.5 Million ]
San Francisco, CA Safeway and Aon Hewitt Investment Consulting Inc. have agreed to pay $8.5 million to settle a proposed class action ERISA lawsuit brought by participants in the Safeway 401k Plan. The workers claim that Safeway and Aon breached their fiduciary obligations by offering high cost investment options that benefitted the investment manager at the expense of participants.
- USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims By Anne Wallace (Sep-17-19)
- 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)
- VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction By Anne Wallace (Aug-8-19)
- 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)
- Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit By Anne Wallace (Jun-7-19)
- 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)
- Online Lender Settles with FTC for $3.85 Million By Anne Wallace (May-8-19)
- Latest ERISA Lawsuit News – 401k Mismanagement Lawsuits Going Strong, New Settlement in Treatment Denial Case By Anne Wallace (Apr-26-19)
- $24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit By Anne Wallace (Apr-23-19)
- 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)
- Patients Battle Surprise Emergency Room Charges By Anne Wallace (Feb-20-19)
- Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million By Anne Wallace (Feb-15-19)
- Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits By Anne Wallace (Feb-14-19)
- Credit Unions – A Case of Shutdown Shame? By Anne Wallace (Jan-24-19)
- Employee 401(k) Lawsuit Claims GE Inflated Stock Value By Anne Wallace (Jan-15-19)
- Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit By Anne Wallace (Dec-21-18)
- SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit By Anne Wallace (Dec-12-18)
- Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss By Anne Wallace (Nov-23-18)
- 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)
- Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit By Anne Wallace (Oct-3-18)
- CFPB Moves to Protect Students from Overdraft Fees By Anne Wallace (Aug-28-18)
- Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate By Anne Wallace (Aug-9-18)
- Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled By Jane Mundy (Jul-27-18)
- Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit By Anne Wallace (Jul-9-18)
- Credit Union Lawsuit Cites Excessive Overdraft Fees By Anne Wallace (Jun-20-18)
- Invesco Accused of Treating ERISA Plan Participants as Captive Investors By Anne Wallace (Jun-13-18)
- Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future By Anne Wallace (May-22-18)
- 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)
- Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees By Gordon Gibb (Mar-19-18)
- It's Alive! Class Action Lawsuit against Capital One Bank is Back On By Anne Wallace (Feb-18-18)
- Plaintiffs Litigating ERISA Lawsuit v. Oracle Corp. Achieve Class Action Status By Gordon Gibb (Feb-15-18)