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ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks

ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks March 11, 2019. By Anne Wallace.
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”).
Read [ ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks ]

Patients Battle Surprise Emergency Room Charges

Patients Battle Surprise Emergency Room Charges February 20, 2019. By Anne Wallace.
Washington, DC Dr. Joaquin Lopez ‘s surprise emergency room bill came after he and his insurer had already paid $11,000 toward the cost of emergency gallbladder surgery. For dentist Brad Buckingham, who fell off his bicycle, the shock was a $70,000 bill to repair a broken hip. For Stacey Shapiro, it was a $6,720 emergency room fee to treat sudden spell of low blood sugar.
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Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million

Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million February 15, 2019. By Anne Wallace.
Tacoma, WA Washington State Employees Credit Union (“WSECU”) has agreed to pay $2.99 million to settle an excessive overdraft fees lawsuit. The class action lawsuit, Wodja v. Washington State Employees Credit Union, alleges that WSECU charged overdraft fees when members actually had enough money in their accounts. The settlement covers individuals affected by the credit union’s overdraft practices between 2009 and 2016.
Read [ Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million ]

Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits

Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits February 14, 2019. By Anne Wallace.
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.
Read [ Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits ]

Credit Unions – A Case of Shutdown Shame?

Credit Unions – A Case of Shutdown Shame? January 24, 2019. By Anne Wallace.
Washington, DC This is a good news/bad news story. The good news is that many banks and credit unions are offering financial relief to workers affected by the US government shutdown. The bad news is that the relief is designed to be temporary and limited. It also fails to address the widespread problem of excessive checking account overdraft charges that has been exposed through excessive overdraft fees lawsuits. These fees, like payday loan interest charges, cause great harm to the most vulnerable consumers.
Read [ Credit Unions – A Case of Shutdown Shame? ]

Employee 401(k) Lawsuit Claims GE Inflated Stock Value

Employee 401(k) Lawsuit Claims GE Inflated Stock Value January 15, 2019. By Anne Wallace.
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.
Read [ Employee 401(k) Lawsuit Claims GE Inflated Stock Value ]

Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit

Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit December 21, 2018. By Anne Wallace.
Jackson, MS In the waning days of December 2018, Cryesha McDonald and Chantal Lewis filed an excessive overdraft fees lawsuit in the U.S. District Court for the Southern District of Mississippi. The lawsuit alleges that Trustmark National Bank assessed overdraft fees in violation of its contractual agreements with customers. Like similar lawsuits brought throughout the country, McDonald v. Trustmark National Bank claims that the bank charges fees on transactions that do not actually overdraft the account. Attorneys for the plaintiffs seek class action status for the lawsuit.
Read [ Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit ]

SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit

SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit December 12, 2018. By Anne Wallace.
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.
Read [ SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit ]

Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss

Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss November 23, 2018. By Anne Wallace.
Boston, MA Brandi Salls’ excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) has survived the credit union’s Motion to Dismiss. This is good news, but it was a near thing, at least with respect to some of the counts. Claimants in similar credit union lawsuits should take away five important lessons.
Read [ Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss ]

Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg

Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg November 17, 2018. By Anne Wallace.
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.
Read [ Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg ]

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