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Participants Sue Bronson Healthcare Plan over Inclusion of Fidelity Freedom Fund

Participants Sue Bronson Healthcare Plan over Inclusion of Fidelity Freedom Fund June 14, 2021. By Anne Wallace.
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.
Read [ Participants Sue Bronson Healthcare Plan over Inclusion of Fidelity Freedom Fund ]

ERISA Lawsuit against the University of Miami Cites Excessive Fees

ERISA Lawsuit against the University of Miami Cites Excessive Fees May 17, 2021. By Anne Wallace.
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.
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KImberly-Clark 401k ERISA lawsuit Alleges Excessive Costs

KImberly-Clark 401k ERISA lawsuit Alleges Excessive Costs May 10, 2021. By Anne Wallace.
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.
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Did Detroit Edison Mislead Retirees about Benefits?

Did Detroit Edison Mislead Retirees about Benefits? April 13, 2021. By Anne Wallace.
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.
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Insurer May Renew Defense in Tangled ESOP Lawsuit

Insurer May Renew Defense in Tangled ESOP Lawsuit April 2, 2021. By Anne Wallace.
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.
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Federal Court Okays Class Action Status for 401k Mismanagement Lawsuit

Federal Court Okays Class Action Status for 401k Mismanagement Lawsuit March 15, 2021. By Anne Wallace.
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.
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Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit

Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit February 8, 2021. By Anne Wallace.
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.
Read [ Northern District of Illinois Nixes Mandatory Arbitration in ERISA Lawsuit ]

Motion Picture Industry ERISA Plan under the Bright, Hot Lights

Motion Picture Industry ERISA Plan under the Bright, Hot Lights January 18, 2021. By Anne Wallace.
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.
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SAG-AFTRA Health Plan Dumps Oldest Participants

SAG-AFTRA Health Plan Dumps Oldest Participants January 8, 2021. By Anne Wallace.
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.
Read [ SAG-AFTRA Health Plan Dumps Oldest Participants ]

“Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million

“Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million December 14, 2020. By Anne Wallace.
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.”
Read [ “Abysmal” or “Too Conservative”? Supermarket ERISA Lawsuit to Settle for $17.5 Million ]

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