Breach of Fiduciary Duty
Quanta Services Retirement Plan Breach of Fiduciary Duties ERISA Class Action
People who invest in their employer’s retirement plan must rely on the plan’s fiduciaries to make prudent and loyal choices of investments. This class action concerns the Quanta Services, Inc. 401(k) Savings Plan, bringing suit against Quanta Services, Inc., its Board of Trustees, and the savings plan’s administrative committee, alleging these defendants breached their fiduciary Read more
Wells Fargo 401(k) Plan “Self-Dealing” Stock Purchase Class Action
This class action concerns a purchase of stock for the employee stock ownership plan (ESOP) portion of the Wells Fargo & Company 401(k) Plan. The complaint alleges that the terms of the deal amount to self-dealing by the company and a breach of fiduciary duty, both in the price of the shares and the terms Read more
NCL Corporation 401(k) Plan Breach of Fiduciary Duties Class Action
NCL Corporation, Ltd offers a retirement plan for its employees, the NCLC 401(k) Plan. This class action sues NCL and the plan’s administrator, NCL (Bahamas), Ltd., alleging they have breached their fiduciary duties of loyalty and prudence to the plan, by choosing poorly-performing investments, high-cost share classes, and recordkeeping services that charge excessive fees. Read more
RWJBarnabas Retirement Plans Breach of Fiduciary Duty Settlement
This settlement resolves a class action alleging breach of fiduciary duty to two retirement plans, the RWJBarnabas Health 401(k) Savings Plan and the RWJBarnabas Health 403(b) Savings Plan. The complaint brought suit against Barnabas Health, Inc., its Investment Committee, and its Defined Contribution Plans and ERISA Administrative Subcommittee or the Investment Committee, alleging these were Read more
Labcorp Retirement Plan Recordkeeping Fees ERISA Class Action
The Employee Retirement Income Security Act (ERISA) imposes the duties of loyalty and prudence on fiduciaries who look after retirement plans. In this case, the complaint alleges that Laboratory Corporation of America Holdings (Labcorp) has breached these duties to the Laboratory Corporation of America Holdings Employees’ Retirement Plan by “caus[ing] the Plan to pay unreasonable Read more
Coinbase’s Role and the Nature of Cryptocurrency Class Action
What exactly are cryptocurrencies? The complaint for this class action argues that they are securities, because their purchasers are hoping for their value to increase. It brings suit against Coinbase Global, Inc. and Coinbase, Inc., with the inciting incident being the breaching of a Coinbase account and the theft of funds, but it also brings Read more
Citigroup Fails at Best Execution of Orders Class Action
Citigroup Global Markets, Inc. acts as a broker for other companies, buying and selling securities in the markets. The complaint for this class action alleges that Citigroup did not follow instructions from one of its clients to achieve best execution of two large orders without unduly affecting prices. The complaint claims that Citigroup’s ignoring of Read more
Cisco Systems 401(k) Poorly-Performing Investment Options Class Action
Defined contribution plans, like 401(k)s, have become the primary way for Americans to save for retirement. They are governed by the Employee Retirement Income Security Act (ERISA). The complaint for this class action alleges that Cisco Systems, Inc., its Board of Trustees, and the Administrative Committee for the Cisco Systems, Inc. 401(k) Plan breached their Read more
Stanley Black & Decker Retirement Plan Breach of Fiduciary Duties Class Action
This class action concerns the Stanley Black & Decker Retirement Account Plan, bringing suit under the Employee Retirement Income Security Act (ERISA). The complaint alleges that Stanley Black & Decker, Inc., its Board of Trustees, and the plan’s Administrative Committee breached their fiduciary duties to the plan in causing it to pay excessive recordkeeping fees Read more
Citi Retirement Plan Poorly-Performing BlackRock TDFs ERISA Class Action
Defined contribution plans, such as 401(k) plans, have become the main form of retirement savings in the US. Unfortunately, companies do not have the same incentives to look after these plans as they did with defined benefit plans. The complaint for this class action alleges that Citigroup, Inc., its Board of Trustees, and the Administrative Read more
