LAWSUITS NEWS & LEGAL INFORMATION
Securities Legal News Articles & Interviews
ERISA Lawsuits Target Environmental, Social and Governance Factors in Plan Asset Decisions
May 16, 2023. By Anne Wallace.
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Washington, DC The Department of Labor (DOL) has adopted a rule that would permit, but not require, ERISA retirement plan fiduciaries to consider environmental, social and governance (ESG) factors in making financial decisions. What is generally referred to as the “2022 rule” took effect on January 30, 2023.
SAG-AFTRA Health Plan To Pay $15M To Wrap ERISA Suit
April 27, 2023. By LAS Staff Writer.
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Santa Clara, CA The SAG-AFTRA Health Plan has agreed to pay $15 million to settle a proposed class-action lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA). The ERISA lawsuit, initially filed in 2020 by late actor and former SAG president, Ed Asner, and nine other defendants claimed that the health plan improperly denied or terminated benefits to older performers who were entitled to them.
What Now? Retirement Plan Cybertheft Is ERISA Lawsuit To Watch
April 3, 2023. By Anne Wallace.
Read [ What Now? Retirement Plan Cybertheft Is ERISA Lawsuit To Watch ]
New York, NY On October 6, 2021, when Paula Disberry submitted a claim for benefits from the Colgate-Palmolive Company Employees Savings and Investment Plan (Plan”), she discovered that $750,000 in retirement savings was gone. She’d been robbed.
Gaming Giant to Settle ERISA Lawsuit for $5.5 Million
March 28, 2023. By Anne Wallace.
Read [ Gaming Giant to Settle ERISA Lawsuit for $5.5 Million ]
St Joseph, MO On January 30, the federal district court for the Western District of Missouri gave preliminary approval to a $5.5 million settlement that will end Lipari-Williams v. Penn National Gaming, Inc. In their class action ERISA lawsuit, casino workers claimed that the company reduced their paychecks if they used tobacco in violation of ERISA, the Fair Labor Standards Act (FLSA), Missouri minimum wage laws and the Affordable Care Act (ACA). Settlement amounts will vary, but members of the ERISA class are expected to pocket roughly $370 each. Final approval of the unopposed settlement offer is expected in May.
Cumulus Media Settles ERISA class action for $1M
March 21, 2023. By Jane Mundy.
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Atlanta, GA A proposed class action claiming that Cumulus Media Inc. violated the Employee Retirement Income Security Act will settle for $1 million, subject to court approval . The complaint was filed in December 2022 against the radio broadcasting company by seven former employees who claimed the fee practices and investment selections of the company's 401(k) plan violated ERISA.
ERISA Lawsuit Settlement Hits Stumbling Block
January 30, 2023. By Anne Wallace.
Read [ ERISA Lawsuit Settlement Hits Stumbling Block ]
Cincinnati, OH The partial settlement of Berry v. FirstGroup America, which seemed like a sure thing less than a month ago, has hit a snag that may require substantial changes. The class action ERISA lawsuit alleged that FirstGroup America removed well-performing investment funds from the FirstGroup America, Inc. Retirement Savings Plan (the “Plan”) and replaced them with newly-launched Hewitt funds. The plan fiduciaries made this change at the urging of Hewitt, its investment adviser (later known as “Aon Hewitt” and now “Aon”). The results were disastrous. Plan participants allegedly lost tens of millions of dollars.
L3 Technologies ERISA Lawsuit Seeks Class Action Status
December 28, 2022. By Anne Wallace.
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Orlando, FL On November 28, a group of former employees for defense contractor L3Harris Technologies Inc. asked the District Court for the Middle District of Florida to grant class action status to their ERISA lawsuit. Stengl v. L3Harris Technologies Inc. alleges that the fiduciaries of L3 Technologies Master Savings Plan, (the “Master Plan”) a predecessor to the L3Harris retirement plan, (the “L3Harris Plan”) failed to prudently monitor costs and investment performance of plan assets in violation of ERISA.
Yale University Pension Plan Lawsuit Heading to Jury Trial
December 12, 2022. By Anne Wallace.
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Hartford, CT On October 21, 2022, the Federal District Court for the District of Connecticut held that participants in the Yale University Retirement Account Plan will have an opportunity to present their allegations of financial mismanagement to a jury. The ERISA lawsuit alleges that plan administrators violated their ERISA fiduciary duty to plan participants by allowing the plan to incur excessive costs, unreasonably delaying a decision to switch to a single recordkeeper and permitting a recordkeeper to aggressively market services outside the plan to participants. The plaintiffs in Vellali v. Yale Univ. allege that these failures cost participants millions of dollars in excess fees.
Booz Allen Hamilton BlackRock Target Date Funds at Heart of New ERISA Lawsuit
December 4, 2022. By Anne Wallace.
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Richmond, VA On August 2, 2022, Michael Tullgren filed a class action ERISA lawsuit against Booz Allen Hamilton Inc. and fiduciaries of the company’s Capital Accumulation Plan in the Eastern District of Virginia. Tullgren v. Booz Allen Hamilton alleges that company violated its fiduciary duty under ERISA by including poorly performing BlackRock target date funds in its investment menu.
Parties to Settle 401k Fiduciary Breach Lawsuit in Reichert v. Juniper Networks, Inc.
October 31, 2022. By Anne Wallace.
Read [ Parties to Settle 401k Fiduciary Breach Lawsuit in Reichert v. Juniper Networks, Inc. ]
San Jose, CA On November 11, the District Court for the Northern District of California is expected to approve a settlement in Reichert v. Juniper Networks Inc. The class action ERISA lawsuit, like many before it, alleges that the fiduciaries of the Juniper Networks, Inc. 401(k) Plan breached their legal duty to plan participants because of the way that they managed the participants’ retirement savings.
- $90 Million Missing -- “Embezzlement and fraud,” cry AME Pastors in Pension Lawsuit By Anne Wallace (Sep-14-22)
- Costco Settles Excessive Fee ERISA Lawsuit for $5.1 Million By Anne Wallace (Aug-29-22)
- United Airlines Appears to Stiff Early Retirees By Anne Wallace (Aug-8-22)
- Mental Health Patient Advocates Fight Wit Reversal By Anne Wallace (Jul-18-22)
- Can my Employer Cut my Health Benefits after I Retire? By Anne Wallace (Jul-6-22)
- ERISA Lawsuit Alleges that ESOP Fiduciaries Cheated Participants By Anne Wallace (May-31-22)
- Plaintiffs Seek Recusal of Latest Judge in Home Depot ERISA Lawsuit By Anne Wallace (May-16-22)
- Alcoa Fights Retirees’ ERISA Lawsuit over Health Benefits Plan By Anne Wallace (May-10-22)
- Teamsters Sue UPS for Pension and Welfare Contributions By Anne Wallace (Apr-30-22)
- Coca-Cola Bottler to Settle ERISA lawsuit for $3.5 Million By Anne Wallace (Mar-21-22)
- ERISA Lawsuit Nets Nearly $9.4 Million for Plan Participants By Anne Wallace (Feb-10-22)
- ERISA Lawsuit Against UnitedHealth Subsidiary Gets Class Action Status By Anne Wallace (Jan-7-22)
- Bronson Healthcare to Settle Excessive Fee ERISA Lawsuit By Anne Wallace (Dec-29-21)
- University of Miami to Settle ERISA Lawsuit for $1.85 Million By Anne Wallace (Dec-23-21)
- Rollins v. Dignity Health Creeps toward Settlement By Anne Wallace (Nov-23-21)
- District Court Greenlights ERISA Lawsuit over Firing to Avoid Severance Pay Obligation By Anne Wallace (Nov-7-21)
- Smokers Claim They Were Overcharged for Health Insurance Premiums By Anne Wallace (Oct-8-21)
- Participants Sue $1.52 Billion Baptist Health South Plan for Wasting Retirement Savings By Anne Wallace (Sep-6-21)
- YUM! Brands Recruiter Files ERISA Lawsuit over Misclassification By Anne Wallace (Aug-16-21)
- ERISA Lawsuit Alleges DuPont Underpaid Retirees By Anne Wallace (Jul-21-21)
- Jander ERISA Lawsuit Settles, but Leaves Questions By Anne Wallace (Jul-9-21)
- Participants Sue Bronson Healthcare Plan over Inclusion of Fidelity Freedom Fund By Anne Wallace (Jun-14-21)
- ERISA Lawsuit against the University of Miami Cites Excessive Fees By Anne Wallace (May-17-21)
- KImberly-Clark 401k ERISA lawsuit Alleges Excessive Costs By Anne Wallace (May-10-21)
- Did Detroit Edison Mislead Retirees about Benefits? By Anne Wallace (Apr-13-21)
- Insurer May Renew Defense in Tangled ESOP Lawsuit By Anne Wallace (Apr-2-21)
- Federal Court Okays Class Action Status for 401k Mismanagement Lawsuit By Anne Wallace (Mar-15-21)
- 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)