LAWSUITS NEWS & LEGAL INFORMATION
Financial Legal News Articles & Interviews
September 17, 2019. By Anne Wallace.
Read [ USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims ]
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.
September 11, 2019. By Anne Wallace.
Read [ Fiduciaries’ Desperate Drive to Fund Benefits Backfires ]
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.
August 23, 2019. By Anne Wallace.
Read [ ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices ]
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.
August 8, 2019. By Anne Wallace.
Read [ VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction ]
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.
August 7, 2019. By Anne Wallace.
Read [ Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts ]
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.
July 30, 2019. By Anne Wallace.
Read [ Dignity Health Poised to Settle ERISA Lawsuit for $100 Million ]
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.
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.
- 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)
- 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)