LAWSUITS NEWS & LEGAL INFORMATION
Employee Stock Option Legal News Articles & Interviews
September 11, 2019. By Anne Wallace.
Read [ Fiduciaries’ Desperate Drive to Fund Benefits Backfires ]
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.
August 23, 2019. By Anne Wallace.
Read [ ERISA Lawsuit Charges Plan with Mismanaging Both High and Low Yield Investment Choices ]
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.
August 7, 2019. By Anne Wallace.
Read [ Fidelity 401k Fiduciary Lawsuits Consolidated in Massachusetts ]
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.
July 30, 2019. By Anne Wallace.
Read [ Dignity Health Poised to Settle ERISA Lawsuit for $100 Million ]
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.
Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019
July 12, 2019. By Anne Wallace.
Read [ Forced Arbitration, Stock Drop Disputes and ACA Repeal Loom Large for ERISA Lawsuits in Latter Half of 2019 ]
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.
June 5, 2019. By Anne Wallace.
Read [ Did Northrup Grumman Squander ERISA Pension Money? ]
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.
May 17, 2019. By Anne Wallace.
Read [ Expert in ERISA Lawsuit Stumped by Basic Questions ]
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.
April 19, 2019. By Anne Wallace.
Read [ Sickening Stock Drop Prompts Boeing 737 ERISA Lawsuit ]
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.
March 28, 2019. By Anne Wallace.
Read [ Johnson & Johnson Talc Tribulations Spark ERISA Lawsuit ]
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.
March 11, 2019. By Anne Wallace.
Read [ ERISA Lawsuit Claims Fidelity Investments Took Secret Kickbacks ]
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”).
- Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits By Anne Wallace (Feb-14-19)
- Employee 401(k) Lawsuit Claims GE Inflated Stock Value By Anne Wallace (Jan-15-19)
- SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit By Anne Wallace (Dec-12-18)
- Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg By Anne Wallace (Nov-17-18)
- Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement By Anne Wallace (Oct-18-18)
- 401(k) Lawsuit Continues against Franklin Templeton By Anne Wallace (Oct-15-18)
- Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate By Anne Wallace (Aug-9-18)
- Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit By Anne Wallace (Jul-9-18)
- Invesco Accused of Treating ERISA Plan Participants as Captive Investors By Anne Wallace (Jun-13-18)
- Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement By Anne Wallace (May-9-18)
- 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)
- Excessive Fees ERISA Lawsuit Filed against Fidelity By Heidi Turner (Feb-2-14)
- Supreme Court Sides with Plan in ERISA Lawsuit By Heidi Turner (Jan-3-14)
- ERISA Lawsuit Results in $99 Million Settlement By Heidi Turner (Dec-1-13)
- Does ERISA Cover Your Health Insurance Complaint? By Heidi Turner (Nov-1-13)
- ERISA Lawsuit Nets $30 Million Settlement By Heidi Turner (Oct-2-13)
- ERISA Lawsuit Results in $3 Million Settlement By Heidi Turner (Sep-8-13)
- ERISA Lawsuits Filed following Striking of DOMA By Heidi Turner (Aug-2-13)
- ERISA Does Not Automatically Provide Awards for Attorney’s Fees By Heidi Turner (Jul-3-13)
- DOMA Ruling Affects ERISA By Heidi Turner (Jun-29-13)
- ERISA Lawsuit Results in $153 Million Settlement By Heidi Turner (May-8-13)
- ERISA Lawsuit Alleges Equity Dump Undertaken to Avoid Pension Obligations By Gordon Gibb (Apr-3-13)
- Couple Uses ERISA to Sue for Same-Sex Spousal Benefits By Heidi Turner (Mar-10-13)
- ING Settles ERISA Lawsuit for More Than $5 Million By Heidi Turner (Feb-21-13)
- ERISA Laws Protect Against Retaliation By Heidi Turner (Jan-13-13)
- Understanding Your ERISA Benefits Plan By Heidi Turner (Dec-14-12)
- Employer to Repay Nearly $2.8 Million Following ERISA Plan Investigation By Gordon Gibb (Oct-10-12)
- Court: Blue Cross Violated ERISA By Heidi Turner (Sep-16-12)
- Understanding ERISA Laws Complicated to Understand By Heidi Turner (Aug-12-12)