LAWSUITS NEWS & LEGAL INFORMATION
Financial Legal News Articles & Interviews
June 7, 2019. By Anne Wallace.
Read [ Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit ]
Atlanta, GA In 2010, Jeff Bickerstaff Jr. filed a class action excessive overdraft fee lawsuit against SunTrust Bank, claiming that the $36 overdraft fees he paid when he overdrew his checking account violated Georgia state laws limiting interest charges. The Complaint claims that the fees amount to interest rates as high as 1,000 percent.
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.
May 8, 2019. By Anne Wallace.
Read [ Online Lender Settles with FTC for $3.85 Million ]
Chicago, IL Avant LLC, the online lending phenomenon which had previously been hailed as a “breakout financial success story,” has agreed to settle a lawsuit brought by the Federal Trade Commission (FTC) for $3.85 million. Although the lawsuit largely relied on a different federal statute, it shares much of the consumer financial protection zeal of the excessive overdraft fee lawsuits recently leveled against credit unions, banks and payday lenders. But it also reveals shortcomings in federal consumer protection laws.
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 23, 2019. By Anne Wallace.
Read [ $24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit ]
San Diego, CA Navy Federal Credit Union has agreed to settle a class action excessive overdraft fee lawsuit for $24.5 million. Plaintiffs’ lawyers will reportedly seek fees of $6.1 million, approximately 25 percent of the total settlement amount. The settlement marks the end of a lawsuit filed in June 2017.
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”).
- 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)
- Are ER’s Cashing in on Upcoding? By Anne Wallace (Feb-3-18)
- Creditor Held in Contempt of Court for Violating Automatic Stay By LAS Staff Writer (Jan-26-18)
- Plaintiffs in Class Action ERISA Lawsuit Allege Breach of Fiduciary Duties By Gordon Gibb (Jan-23-18)
- Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions By Gordon Gibb (Jan-19-18)
- Overdraft Fees Chewing Up Consumers By Brenda Craig (Dec-29-17)
- Are Continuous Overdraft Fees Like Illegal Payday Loans? By Anne Wallace (Nov-25-17)
- Bank of America to Settle Excessive Fees Class Action for $66.6 Million By Gordon Gibb (Nov-10-17)
- ER Bills and Hospital Overcharging: It’s Not Getting Any Better By Gordon Gibb (Oct-30-17)
- It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees By Anne Wallace (Oct-30-17)
- Equifax Breach Led to Real Life Problems says Class Action By Brenda Craig (Oct-27-17)
- Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit By Gordon Gibb (Oct-16-17)
- California ‘Bad Faith’ Claim in Disability Denial Lawsuit By Anne Wallace (Oct-15-17)
- Unum Group Appears as Innocent Bystander in Insurance Denial Lawsuit By Gordon Gibb (Oct-13-17)
- Attorney Files Equifax Class Action Lawsuit By Jane Mundy (Sep-25-17)
- Banks Fight Excessive Overdraft Suits with Bid for Arbitration By Anne Wallace (Sep-8-17)
- Whistleblower Alleges Healthcare Fraud in Lawsuit By Gordon Gibb (Sep-7-17)