LAWSUITS NEWS & LEGAL INFORMATION
Securities Legal News Articles & Interviews
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.
February 8, 2021. By Anne Wallace.
Read [ Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit ]
Chicago, IL On January 25, the Northern District of Illinois denied Triad Manufacturing’s attempt to force ESOP participants to individually arbitrate their claims of fiduciary self-dealing. The ERISA lawsuit, James Smith v. Board of Directors of Triad Manufacturing Inc., alleged that the Board of Directors caused the plan to buy Triad stock at an inflated price, harming retirement savers for the benefit of individual board members who were also, not coincidentally, the sellers of the stock. The Court held that plan participants may now continue to the merits of their fiduciary breach lawsuit on a class-wide basis.
January 18, 2021. By Anne Wallace.
Read [ Motion Picture Industry ERISA Plan under the Bright, Hot Lights ]
Los Angeles, CA On October 7, Patricia Klawonn filed an ERISA lawsuit against the Board of Directors for the Motion Picture Industry Pension Plans in the District Court for the Central District of California. The lawsuit alleges that The Board breached its fiduciary duty under ERISA, citing as evidence “abysmal returns [that] are the product of a fundamentally flawed investment strategy.” The Board has moved to dismiss the lawsuit, citing fundamental flaws, including a statute of limitations problem.
January 8, 2021. By Anne Wallace.
Read [ SAG-AFTRA Health Plan Dumps Oldest Participants ]
Los Angeles, CA On December 1, 91-year-old actor Ed Asner and nine other participants in the Screen Actors Guild-Producers Health Plan filed a class action ERISA lawsuit against the SAG-AFTRA Health Fund and Trustees of the Plan. The early coverage of the lawsuit focuses on what appears to be age discrimination against veteran actors, many of whom sacrificed television residuals for pre-1960 movies to fund the health plan at its outset.
December 14, 2020. By Anne Wallace.
Read [ “Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million ]
Boston, MA Toomey v. DeMoulas Super Markets, Inc., a class action ERISA lawsuit filed in the Massachusetts District Court in 2019, will settle for $17.5 million and prospective changes to the plan’s investment strategy, pending the court’s final approval in April 2021. While ERISA industry advisors have characterized the DeMoulas (Restated) Profit Sharing Plan and Trust’s investment management style as “too conservative,” the Complaint is far more brutal. It describes the performance of the investment fund as “abysmal.”
- 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)
- Puerto Rico Lawsuit Filed By Heidi Turner (Feb-3-14)
- Excessive Fees ERISA Lawsuit Filed against Fidelity By Heidi Turner (Feb-2-14)
- UBS Puerto Rico Closed-End Funds Lose $1.66 Billion Last Year By Gordon Gibb (Jan-24-14)
- UBS Puerto Rico Investors Look to 2014 By Heidi Turner (Jan-17-14)