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USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims

USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims September 17, 2019. By Anne Wallace.
San Francisco, CA Elizabeth Eiess overdrew her USAA bank account when she tried to pay her Citibank credit card bill of $358.85.The payment was returned, and USAA bank assessed an overdraft charge of $29.00. USAA then charged her twice more – every time Citibank submitted the payment – ultimately for a total of $87.00. In her class action excessive overdraft fee lawsuit Eiess claims that this was a violation of her deposit agreement and that it was part of a widespread pattern of abusive conduct toward depositors.
Read [ USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims ]

Fiduciaries’ Desperate Drive to Fund Benefits Backfires

Fiduciaries’ Desperate Drive to Fund Benefits Backfires September 11, 2019. By Anne Wallace.
Santa Ana, CA Aaron Kushner and Eric Spitz, who mismanaged the investments of the Retirement Plan of Freedom Communications, Inc. (the Pension Plan) have offered to settle an ERISA lawsuit brought by the federal Pension Benefits Guaranty Corporation (PBGC) for $7.8 million.
Read [ Fiduciaries’ Desperate Drive to Fund Benefits Backfires ]

ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices

ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices August 23, 2019. By Anne Wallace.
Birmingham, AL In an ERISA lawsuit filed in the Northern District of Alabama, participants in the Compass SmartInvestor 401(k) Plan claim that Plan fiduciaries failed in their legal duty to act prudently for the benefit of plan participants and beneficiaries. The Plan offered only one poorly performing short-term bond investment option and failed to monitor the investment performance of higher cost funds, ostensibly selected to produce higher yields.
Read [ ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices ]

VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction

VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction August 8, 2019. By Anne Wallace.
Jacksonville, FL A class action lawsuit filed in Jacksonville Circuit Court claims that VyStar Credit Union routinely assessed multiple insufficient funds charges on the same transaction without authorization by the customer. In her excessive overdraft fee lawsuit, Heather Washington alleges that VyStar charged three separate $32 overdraft fees on a single transaction, in violation of the terms of her Deposit Agreement with the credit union.
Read [ VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction ]

Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts

Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts August 7, 2019. By Anne Wallace.
Boston, MA Since the beginning of 2019, a collection of class action ERISA lawsuits has worked to expose a secret pay-to-play scheme that arguably benefited Fidelity Management and Research Company and related companies (“Fidelity”) at the expense of 401k retirement savers.
Read [ Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts ]

Dignity Health Poised to Settle ERISA Lawsuit for $100 Million

Dignity Health Poised to Settle ERISA Lawsuit for $100 Million July 30, 2019. By Anne Wallace.
San Francisco, CA Dignity Health has agreed to pay $100 million to settle a proposed class action ERISA lawsuit that accused it of using a undeserved religious exemption to justify underfunding its pension plan by $1.5 billion. The proposed settlement would require Dignity Health to add $50 million in retirement plan funding in 2020 and at least $50 million in 2021. In addition, the settlement requires Dignity Health to refrain from reducing 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.
Read [ Dignity Health Poised to Settle ERISA Lawsuit for $100 Million ]

Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit

Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit June 7, 2019. By Anne Wallace.
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.
Read [ Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit ]

Did Northrup Grumman Squander ERISA Pension Money?

Did Northrup Grumman Squander ERISA Pension Money? June 5, 2019. By Anne Wallace.
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.
Read [ Did Northrup Grumman Squander ERISA Pension Money? ]

Expert in ERISA Lawsuit Stumped by Basic Questions

Expert in ERISA Lawsuit Stumped by Basic Questions May 17, 2019. By Anne Wallace.
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.
Read [ Expert in ERISA Lawsuit Stumped by Basic Questions ]

President (of Yale) Can’t Dodge Deposition

President (of Yale) Can’t Dodge Deposition May 9, 2019. By Anne Wallace.
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.
Read [ President (of Yale) Can’t Dodge Deposition ]

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