Breach of Fiduciary Duty
Principal Life Breach of Fiduciary Duty to Retirement Plans ERISA Class Action
Employee savings and retirement plans are governed by the Employee Retirement Income Security Act (ERISA) and must be managed for the sole benefit of the participants and beneficiaries. The complaint for this class action brings suit against the Principal Life Insurance Company, its Benefit Plans Administrative and Investment Committees, and the members of those committees, Read more
Columbus Regional Retirement Plan Fiduciary Duties Class Action
When Columbus Regional Healthcare System, Inc. was acquired by Piedmont Healthcare, Inc. in 2018, its 403(b) retirement plan was terminated. The complaint for this class action alleges that Columbus mishandled this former retirement plan, breaching its fiduciary duties, violating the Employee Retirement Income Security Act (ERISA), and costing participants money. Read more
Robinhood and Market Manipulation for GameStop and Others Class Action
The complaint for this action claims that three Robinhood companies manipulated the markets for certain stocks to mitigate its own risks. The complaint alleges that Robinhood Financial, LLC, Robinhood 2 Securities, LLC, and Robinhood Markets, Inc. took unfair actions for stocks of certain companies, like GameStop, to prevent buys, sell shares, and lower prices. Read more
Coca-Cola Bottlers’ 401(k) Plan Breach of Fiduciary Duties ERISA Class Action
Retirement plans, such as the Coca-Cola Bottlers’ Association 401(k) Retirement Savings Plan, which are established for large companies, are governed by the Employee Retirement Income Security Act (ERISA). The complaint for this class action alleges that the Coca-Cola Bottlers’ Association (CCBA) and certain persons responsible for managing the plan have breached their fiduciary duties to Read more
Mercedes-Benz Retirement Plan Breach of Fiduciary Duties ERISA Class Action
The Employee Retirement Security Income Act (ERISA) was intended to protect people who have private retirement plans with their companies. Those who are in charge of those plans have fiduciary duties towards the participants and beneficiaries, including a duty to make sure the fees and expenses of those plans are reasonable. This class action brings Read more
Tech Benefits Welfare Plan Prohibited Transactions ERISA Class Action
The complaint for this class action brings suit against Sequoia Benefits and Insurance Services, LLC and Gregory S. Golub, for breach of fiduciary duty to the RingCentral, Inc. Welfare Benefits Plan and other similar plans. The complaint not makes not only the usual allegations of high costs, but alleges, “Defendants have collected more than $100 Read more
BNY Mellon Discretionary Investments Violated Agreements Class Action
BNY Mellon, NA is a subsidiary of the Bank of New York Mellon Corporation which has a wealth management division. Customers for this division may entrust funds to the bank and rely on the bank “to invest those funds at the Bank’s prudent discretion.” The bank has full investment authority over those funds. However, the Read more
L Brands 401(k) Plan Breach of Fiduciary Duty Class Action
Company retirement plans, like 401(k) plans, are governed by the Employee Retirement Income Security Act (ERISA), and those who handle them are fiduciaries, with the duties of prudence and loyalty to the participants. This class action brings suit against L Brands, Inc., L Brands Service Company, LLC, and the plan’s administrative committee, alleging that these Read more
Financial Engines Advisors Excessive Fee Information Class Action
The filing of a Motion to Compel is kicking off a new, October 2020 case, originating from a July 2018 class action. The original class action concerned mismanagement of the Home Depot’s FutureBuilder 401(k) plan; this new one seeks to compel Financial Engines Advisors, LLC (FE) to produce certain documents showing that FE charged the Read more
Northern Trust Retirement Plan Poorly-Performing Options Class Action
Company retirement plans are governed by the Employee Retirement Income Security Act of 1974 (ERISA). This includes the Northern Trust Company Thrift-Incentive Plan. This class action brings suit against the Northern Trust Company, its Employee Benefit Administrative Committee, and the Committee’s members, alleging that they have breached their fiduciary duties under the plan. Read more