John Hancock Signature Logo

John Hancock 401(k) Plan Management ERISA Class Action

Those who manage retirement plans have a fiduciary duty to plan participants. This means that they must act in the interest of the plan participants and beneficiaries. The complaint for this class action alleges that those managing the John Hancock Life Insurance Company (USA) acted in the interests of the company instead, by inappropriately favoring  Read more

Retirement Plans, Retirement Plan Mismanagement, ERISA Violations, Breach of Fiduciary Duty
Shell Logo Attached to Gas Station Roof Against Blue Sky

Shell Oil 401(k) Plan Fiduciary Duties ERISA Class Action

The Employee Retirement Income Security Act (ERISA) governs retirement plans and other benefits at large companies and specifies that plan administrators and trustees have a fiduciary duty to act for the exclusive benefit of plan participants. In this class action, the complaint alleges that Shell Oil Company and various other defendants, some associated with Fidelity  Read more

Sharing Personal Information with Third Parties, Retirement Plan Mismanagement, Prohibited Transactions, ERISA Violations, Employment Violations

Conestoga Life Settlements Information to Investors Fraud Class Action

“A life settlement is a transaction in which an insured person sells his or her life insurance policy to a third party,” explains the complaint for this class action. Life settlements are at issue in this case for “fraud, conspiracy, aiding and abetting, civil theft, and breach of fiduciary duty,” against defendants Conestoga Settlement Services,  Read more

Providing False or Misleading Information, Investments, Fraud, Breach of Fiduciary Duty
Gold Bars

Merrill Lynch Spoofing to Manipulate Futures Contracts Class Action

On June 25, 2019, the Department of Justice (DOJ) announced a non-prosecution agreement with Merrill Lynch Commodities, Inc. in connection with a criminal investigation of the company. The complaint for this class action takes up its findings and brings suit against Merrill Lynch, its parent company Bank of American Corporation, and individuals on behalf of  Read more

Manipulation of pricing market etc., Investments, Futures Contracts
People's United Bank Logo

People’s United Jay Peak Ski Resort Ponzi Scheme Class Action

Investors bring this class action against companies they believed would build a Jay Peak Ski Resort in Vermont—People’s United Financial, Inc. and People’s United Bank. But according to the complaint, the money they put up went to an alleged Ponzi scheme, finally uncovered in a two-year investigation by the Securities and Exchange Commission (SEC).  Read more

Securities Frauds, SEC Investigations, Ponzi Scheme
Bank of New York Mellon

Bank of New York Mellon Breach of Fiduciary Duty for Trust Class Action

Bank of New York Mellon is trustee for a trust established by the grandmother and great-grandmother of the plaintiffs in this case. BNY Mellon made poor investments, favoring an affiliate’s mutual funds, the complaint says, when better choices would have earned the trust another $100,000 in income or appreciation in the last five years alone.  Read more

Breach of Fiduciary Duty
Letters "HSBC" and Logo on Building

HSBC Bank Payment of Legal Expenses from Trust Funds Class Action

This is the third in a series of class action suits filed by Royal Park Investments (RPI) based on other current lawsuits. The original lawsuits each allege that a certain bank has failed to fulfill its duties as trustees to RPI funds; these secondary suits allege that the defendant banks have been paying their legal  Read more

Using Funds for Impermissible Purposes, Securities Frauds

City National Bank Aiding of ATM Ponzi Scheme Class Action

Two men, Joel Barry Gillis and Edward W. Wishner, are now in prison for running NASI, a company that operated a Ponzi scheme purporting to sell ATMs to investors in return for “rentals” from ATM fees. How did they get away with it for fifteen long years? According to the complaint for this class action,  Read more

Your Bank, Ponzi Scheme, Inadequate internal system/oversight, Corporate Governance
Rising Bar Graph on Chalkboard Titled "Retirement Plan"

GE Retirement Plan Underperforming Funds and Breach of Fiduciary Duty ERISA Class Action

Federal law requires that most company retirement plans be managed for the sole benefits of those enrolled in the plans. But the complaint for this class action alleges that General Electric and associated entities violated the Employee Retirement Income Security Act (ERISA) with its Retirement Savings Plan by favoring underperforming GE-related funds as investments and  Read more

Failure to Replace Underperforming Assets, ERISA Violations, Breach of Fiduciary Duty

US Bank Payment of Legal Expenses From Trust Funds Class Action

Royal Park Investments (RPI) hired US Bank National Association as trustee for twenty-one of its residential mortgage-backed securities (RMBS) trusts, but apparently was not satisfied with the bank’s performance. It is suing US Bank in a case called Royal Park Inv. SA/NV v. U.S. Bank Nat’l Ass’n, No. 1:14-cv-02590-VM—but it claims to have recently discovered  Read more

Using Funds for Impermissible Purposes, Securities Frauds