LAWSUITS NEWS & LEGAL INFORMATION
Employee Stock Option Legal News Articles & Interviews
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”).
February 14, 2019. By Anne Wallace.
Read [ Dockworkers’ ERISA Lawsuit Challenges Denial of Preapproved Benefits ]
Los Angeles, CA Delgado v. ILWU-PMA Welfare Plan, an ERISA lawsuit now pending in the U.S. District Court for the Central District of California, has more lives than a cat.
January 15, 2019. By Anne Wallace.
Read [ Employee 401(k) Lawsuit Claims GE Inflated Stock Value ]
Albany, NY On December 14, 2018, Adele Vargas filed a class action ERISA lawsuit against General Electric Company (“GE”) and Jeffrey Immelt, its former CEO. She alleges that GE improperly manipulated its earnings and inflated its stock price.
December 12, 2018. By Anne Wallace.
Read [ SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit ]
Philadelphia, PA On September 28, 2018, Gordon Stevens filed a class action ERISA lawsuit claiming that his employer, SEI Investments Company, forced him and other SEI 401(k) plan participants into retirement investments that made money for the company, regardless of the employees’ own best interests.
Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg
November 17, 2018. By Anne Wallace.
Read [ Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg ]
Washington, DC When asked why he robbed banks, Willie Sutton reportedly replied, “Because that’s where the money is.” Now, however, roughly $5 trillion, or a fifth of all U.S. retirement assets, sit in 401(k) accounts. Today’s Willie Suttons are there, too, as recent ERISA lawsuits and criminal prosecutions confirm.
October 18, 2018. By Anne Wallace.
Read [ Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement ]
Boston, MA On October 10, 2018, participants in the Fidelity Retirement Savings Plan filed a class action ERISA pension plan lawsuit against the Plan’s fiduciaries. The Complaint alleges that the Plan fiduciaries breached their duties under ERISA, thus harming the Plan and its participants and beneficiaries.
October 15, 2018. By Anne Wallace.
Read [ 401(k) Lawsuit Continues against Franklin Templeton ]
San Francisco, CA An ERISA pension plan lawsuit has survived numerous procedural challenges and will proceed as a class action against investment manager Franklin Templeton. Fernandez v. Franklin Resources Inc. claims that the fiduciaries in charge of managing the Franklin Templeton 401(k) Plan breached their duty to plan participants by causing the Plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds choices were available. The motive was to benefit Franklin Templeton’s investment management business.
August 9, 2018. By Anne Wallace.
Read [ Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate ]
San Francisco, CA On July 24, 2018, the Ninth Circuit held that the plaintiffs in a pension plan lawsuit could continue their legal fight as a class action, rather than having to arbitrate individually.Munro v. University of Southern California is a major victory for ERISA plan participants who were required to sign individual arbitration agreements as a condition of employment. The Court likened these ERISA lawsuits to whistle blower lawsuits–essentially viewing the plaintiffs as public prosecutors acting in defense of the pension plan itself. This is a very broad argument that may ultimately have wider legal implications.
July 9, 2018. By Anne Wallace.
Read [ Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit ]
Charlotte, NC In April 2018, Benjamin Reetz filed a class action ERISA lawsuit on behalf of himself and other participants in the Lowe’s 401(k) Plan. The lawsuit claims that Aon Hewitt, the plan’s investment advisor, lined its pockets by recommending one of its own poorly performing investment funds. Lowe’s then fell down on the job by failing to catch what Aon Hewitt was doing. Wait, you think, didn’t I read this before, but was it about Home Depot or maybe Invesco?
June 13, 2018. By Anne Wallace.
Atlanta, GA On May 24,2018, participants in the Invesco 401(k) Plan filed an ERISA lawsuit in the Northern District of Georgia. The ERISA lawsuit contends that Invesco, Ltd. profited from the ERISA plan it offered to employees. The situation is rife with potential conflicts of interest because the employer, a plan fiduciary, is also an investment manager. Lest we lose track in this tangled web, self-dealing is against the law.Read [ Invesco Accused of Treating ERISA Plan Participants as Captive Investors ]
- 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)
- Kraft Foods Agrees to $9.5 Million ERISA Plan Settlement By Gordon Gibb (Jul-11-12)
- Unum Claims Denials Cited as Defying Medical Science: Court By Gordon Gibb (Jul-8-12)
- Did Actions of Highly-Paid CEO Hurt Investors Under ERISA? By Gordon Gibb (Jun-11-12)
- Wal-Mart Faces Pension Plan Lawsuit By Heidi Turner (May-21-12)
- JP Morgan Chase Hit with Class-Action ERISA Lawsuit By Gordon Gibb (Apr-12-12)
- ERISA Lawsuit Plaintiffs Worked Hard for the Money By Heidi Turner (Mar-13-12)
- Changes to ERISA Plan Laws Affect Employees By Heidi Turner (Feb-15-12)
- 2012 to See Changes to ERISA Plan Laws By Heidi Turner (Jan-16-12)
- ERISA Plan Lawsuit Settled for $6.5 Million By Heidi Turner (Nov-18-11)