LAWSUITS NEWS & LEGAL INFORMATION
Securities Legal News Articles & Interviews
September 6, 2021. By Anne Wallace.
Read [ Participants Sue $1.52 Billion Baptist Health South Plan for Wasting Retirement Savings ]
Miami, FL On August17, three former participants in the Baptist Health South Florida, Inc. 403(b) Employee Retirement Plan (BHSF Plan) sued plan fiduciaries for breaching their duty of loyalty and prudence to participants and beneficiaries by paying “astronomical” management fees. The named plaintiffs in the ERISA lawsuit seek to represent more than 23,500 current and former participants.
August 16, 2021. By Anne Wallace.
Read [ YUM! Brands Recruiter Files ERISA Lawsuit over Misclassification ]
Los Angeles, CA On July 9, Tim Alders, formerly an Executive Recruiter for YUM Brands Inc. and Taco Bell Corp. filed an ERISA lawsuit alleging that the fast-food conglomerates deprived him of pension and other benefits by deliberately misclassifying him as an independent contractor, rather than an employee. Tim Alders v. YUM, Inc. is neither a standard-issue misclassification lawsuit (many of which are brought by hourly-wage workers, cheated of California wage protections) or a variation of now-familiar ERISA fiduciary breach action. Rather, it is creative combination of the two. The lawsuit makes painfully clear how much long-term contractors (even the well-paid ones) lose when they are paid as casual workers.
July 21, 2021. By Anne Wallace.
Read [ ERISA Lawsuit Alleges DuPont Underpaid Retirees ]
Wilmington, DE M.P. Moon will have another chance to persuade a Delaware federal court that DuPont and its corporate predecessors and successors cheated him and similarly situated retirees of thousands of dollars in pension benefits. His ERISA lawsuit describes years of misinformation, followed by internal procedural rules that protected DuPont from the necessity of correcting its own error.
July 9, 2021. By Anne Wallace.
Read [ Jander ERISA Lawsuit Settles, but Leaves Questions ]
New York, NY Jander v. Retirement Plans Committee of IBM, a long-running employee stock ownership lawsuit, settled on April 2, 2021 for $4.75 million. The attorneys who represented the retirement plan participants have now requested $1.4 million in fees for the latest Supreme Court phase of the case. In deciding whether to approve the fee, the Southern District of New York will consider the time and effort the lawyers expended.
June 14, 2021. By Anne Wallace.
Read [ Participants Sue Bronson Healthcare Plan over Inclusion of Fidelity Freedom Fund ]
Kalamazoo, MI On May 6, Susan Gleason and Candi Gabrielse filed a class action ERISA lawsuit against Bronson Healthcare Group Inc. in the Western District of Michigan. Gleason v. Bronson Healthcare is an example of increasingly distinctive subtype of breach of fiduciary duty lawsuits that focus on the relative cost and performance of two Fidelity investment funds, both of which were part of the Bronson Healthcare Group, Inc. 403(b) Tax Sheltered Matching Plan.
May 17, 2021. By Anne Wallace.
Read [ ERISA Lawsuit against the University of Miami Cites Excessive Fees ]
Miami, FL On April 5, the four named plaintiffs in Santiago v. University of Miami asked the Southern District of Florida to certify a class of roughly 16,000 beneficiaries of and participants in the University of Miami Savings Plan. Their ERISA lawsuit alleges that the University breached its duties of loyalty and prudence by permitting the Plan to incur unreasonable and excessive administrative fees by failing to engage in an appropriate process designed to evaluate and monitor administrative expenses.
May 10, 2021. By Anne Wallace.
Read [ KImberly-Clark 401k ERISA lawsuit Alleges Excessive Costs ]
Dallas, TX On April 15, two participants in the Kimberly-Clark Corporation 401(k) & Profit Sharing Plan filed a class action ERISA lawsuit in the federal District Court for the Northern District of Texas. Seidner v. Kimberly-Clark Corp. alleges that plan fiduciaries violated ERISA by failing to monitor plan administrative expenses, thus wasting the participants’ retirement savings and depriving them of the opportunity for investment growth over time.
April 13, 2021. By Anne Wallace.
Read [ Did Detroit Edison Mislead Retirees about Benefits? ]
Cincinnati, OH On March 23, the Sixth Circuit revived an ERISA lawsuit that alleges that Detroit Edison Co. misled plan participants about the benefits they could expect at retirement when the plan design was changed in 2002. The Appeals Court’s decision in Nolan v. Detroit Edison Co. gives the participants a fresh opportunity to show that the disclosure to participants about the plan’s conversion to a cash balance plan failed to meet basic ERISA requirements. Nolan seeks class action status.
April 2, 2021. By Anne Wallace.
Read [ Insurer May Renew Defense in Tangled ESOP Lawsuit ]
Detroit, MI On March 4, The District Court for the Eastern District of Michigan held that Great American Fidelity Insurance Co. (Great American) could renew its argument that it should not be required to defend Stout Risius Ross (Stout) against a claim by Appvion Retirement Savings and Employee Stock Ownership Plan (Appvion ESOP). Great American Fidelity Insurance Co. v. Stout Risius Ross Inc., an insurance contract claim, is one piece of the fallout from the sprawling ERISA lawsuit that includes Appvion v. Buth. The facts are complicated.
March 15, 2021. By Anne Wallace.
Read [ Federal Court Okays Class Action Status for 401k Mismanagement Lawsuit ]
Philadelphia, PA On March 8, the U.S. District Court for the Eastern District of Pennsylvania granted class action status to plaintiffs in Boley v. Universal Health Services. The ERISA lawsuit claims that fiduciaries of the Universal Health Services Inc. Retirement Savings Plan mismanaged the 401k plan in violation of ERISA.
- Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit By Anne Wallace (Feb-8-21)
- Motion Picture Industry ERISA Plan under the Bright, Hot Lights By Anne Wallace (Jan-18-21)
- SAG-AFTRA Health Plan Dumps Oldest Participants By Anne Wallace (Jan-8-21)
- “Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million By Anne Wallace (Dec-14-20)
- Did Northrup Grumman Squander ERISA Pension Money? By Anne Wallace (Jun-5-19)
- Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit By Anne Wallace (Apr-19-19)
- ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks By Anne Wallace (Mar-11-19)
- SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit By Anne Wallace (Dec-12-18)
- 401(k) Lawsuit Continues against Franklin Templeton By Anne Wallace (Oct-15-18)
- Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement By Anne Wallace (May-9-18)
- Is Fired Executive’s Case an SEC Whistleblower Lawsuit? Supreme Court to Decide By Gordon Gibb (Sep-29-17)
- SEC Fraud Whistleblower Lawsuits Fly under the Radar By Anne Wallace (Sep-20-17)
- Sears Facing 401K Class Action Lawsuit By Lucy Campbell (Jul-19-17)
- Morgan Stanley Ordered to Pay $8.6 Million By Heidi Turner (Jun-7-16)
- California Files Securities Lawsuit against Morgan Stanley By Heidi Turner (Apr-15-16)
- FINRA Bars Two Stockbrokers By Heidi Turner (Feb-17-16)
- Chipotle Faces Securities Lawsuit, among Others By Heidi Turner (Jan-25-16)
- FINRA Orders $1.9 Million Paid to Victims of Stockbroker Fraud By Heidi Turner (Dec-10-15)
- When a Car Recall Leads to a Securities Lawsuit By Heidi Turner (Nov-14-15)
- FINRA Orders More Fines Linked to Puerto Rico Bonds By Heidi Turner (Oct-29-15)
- FINRA Orders UBS to Pay Almost $3M By Heidi Turner (Sep-10-15)
- FINRA Hands Out $2.3 Million Judgment against Morgan Stanley By Heidi Turner (Aug-18-15)
- FINRA Awards Couple $16.6 Million By Heidi Turner (Jul-16-15)
- FINRA Orders Millions in Stockbroker Arbitration Rulings By Heidi Turner (Jun-5-15)
- Supreme Court Rules In Favor of Employees in ERISA Class Action By Lucy Campbell (May-18-15)
- SEC Files Securities Lawsuit By Heidi Turner (May-7-15)
- Could Rule Change Stop Stockbroker Fraud? By Heidi Turner (Apr-13-15)
- FINRA Fines Increased in 2014 By Heidi Turner (Mar-7-15)
- ERISA Lawsuit to Be Heard by Supreme Court in February By Heidi Turner (Feb-6-15)
- Report: $1.3 Billion in Top ERISA Class-Action Settlements in 2014 By Heidi Turner (Jan-8-15)
- Labor Department Wins $4.7 Million in ERISA Lawsuit By Heidi Turner (Dec-5-14)
- Supreme Court Petitioned to Hear Another ERISA Case By Heidi Turner (Nov-12-14)
- Supreme Court Agrees to Hear Stock Options Case By Heidi Turner (Oct-4-14)
- ERISA Turns 40 By Heidi Turner (Sep-17-14)
- Preliminary Approval of Settlement in Regions Morgan Keegan ERISA Lawsuit By Heidi Turner (Aug-22-14)
- Supreme Court Rejects Presumption of Prudence in ERISA Lawsuits By Heidi Turner (Jul-6-14)
- ERISA Lawsuits: DOL Taking Action against ERISA Violations By Heidi Turner (Jun-12-14)
- Boeing Faces ERISA Suit Linked to Autism Coverage By Heidi Turner (May-15-14)
- DOL Forces Advisor to Pay for ERISA Violations By Heidi Turner (Apr-15-14)
- Are Many ERISA Plans Being Run Improperly? By Heidi Turner (Mar-12-14)