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Fiduciaries’ Desperate Drive to Fund Benefits Backfires

Fiduciaries’ Desperate Drive to Fund Benefits Backfires September 11, 2019. By Anne Wallace.
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.
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ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices

ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices August 23, 2019. By Anne Wallace.
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.
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Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts

Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts August 7, 2019. By Anne Wallace.
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.
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Dignity Health Poised to Settle ERISA Lawsuit for $100 Million

Dignity Health Poised to Settle ERISA Lawsuit for $100 Million July 30, 2019. By Anne Wallace.
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.
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Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019

Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 July 12, 2019. By Anne Wallace.
Washington, DC It’s semiannual prognostication time for ERISA lawsuits, and in our crystal ball, we see a mysterious stranger, great fortune and heartbreak. No, actually, not. But relying on our lesser powers, we suspect that, for the next six months, three issues will loom large.
Read [ Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 ]

Did Northrup Grumman Squander ERISA Pension Money?

Did Northrup Grumman Squander ERISA Pension Money? June 5, 2019. By Anne Wallace.
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.
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Expert in ERISA Lawsuit Stumped by Basic Questions

Expert in ERISA Lawsuit Stumped by Basic Questions May 17, 2019. By Anne Wallace.
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.
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Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit

Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit April 19, 2019. By Anne Wallace.
Chicago, IL On March 31, participants in the Boeing Voluntary Investment Plan (VIP Plan) filed a class action ERISA lawsuit in the Northern District of Illinois. The lawsuit alleges that Boeing knew about problems with its 737 MAX series of airplanes and hid the bad news, all while encouraging plan participants to invest in company stock though the VIP Stock Fund. When the planes dove out of the sky, the stock price dropped, too. Although it hardly compares to the terrible and tragic loss of life, plan participants were also injured when their retirement savings vanished.
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Johnson & Johnson Talc Tribulations Spark ERISA Lawsuit

Johnson & Johnson Talc Tribulations Spark ERISA Lawsuit March 28, 2019. By Anne Wallace.
Newark, NJ On January 25, participants in the Johnson and Johnson Savings Plan (the “401k Plan”), filed a class action ERISA lawsuit claiming that the 401k Plan fiduciaries encouraged them to invest imprudently in company stock. The lawsuit, Tarantino v. Johnson and Johnson Pension and Benefits Committee , claims that the value of the stock was inflated because J&J hid the possibility that Baby Powder, its signature product, was contaminated with asbestos. The company allegedly held on to the secret for decades.
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ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks

ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks March 11, 2019. By Anne Wallace.
Boston, MA On February 21, 2019, Andre W. Wong, a participant in T-Mobile USA Inc.'s 401(k) plan, filed a class action ERISA lawsuit in Massachusetts District Court. The lawsuit may ultimately affect nearly every 401k plan participant in every plan that has offered investment options managed by Fidelity Investments since 2017. Wong v. FMR LLC lays out a complicated pay-to-play scheme (disarmingly and perhaps deceptively described in internal documents as “supermarket fees”).
Read [ ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks ]

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