Breach of Fiduciary Duty
Aetna 401(k) Plan Breach of Fiduciary Duty in Aetna-CVS Merger Class Action
What happens to 401(k) plans when two companies merge? This class action concerns the merger of Aetna, Inc. and CVS Health Corporation during which the Aetna 401(k) plan was converted into the CVS 401(k) plan. It brings suit on behalf of participants in the Aetna plan with Aetna stock in their accounts, claiming breaches of Read more
Biogen 401(k) Retirement Plan Breach of Fiduciary Duties Class Action
When companies establish 401(k) plans for their employees, the plans are governed under the Employee Retirement Income Security Act of 1974 (ERISA). Those who handle the plan are fiduciaries for it and, as such, they owe certain duties to the participants and beneficiaries. However, the fiduciaries of Biogen, Inc.’s 401(k) Savings Plan—Biogen, Inc., the Biogen, Read more
Nvidia 401(k) Plan Breach of Fiduciary Duties Class Action
Companies appoint various parties to manage and be responsible for the 401(k) plans for their employees. These people act as fiduciaries and are required under the Employee Retirement Income and Security Act of 1974 (ERISA) to carry out the fiduciary duties of loyalty and prudence. In this class action, the complaint claims that fiduciaries of Read more
JPMorgan 401(k) Plan ERISA Fee Settlement
A settlement fund of $9 million is resolving a class action against JPMorgan Chase Bank, NA, JPMorgan Chase & Company, and others involved with the company’s 401(k) Savings Plan. According to the complaint, the defendants breached their fiduciary duties and engaged in transactions prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) in Read more
LinkedIn 401(k) Retirement Plan Fiduciary Duties Class Action
The Employee Retirement Income Security Act of 1974 (ERISA) governs the handling of company 401(k) plans—in this case, the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust. This class action claims that those handling the LinkedIn plan have breached their fiduciary duties in regard to plan expenses and investment options. It brings suit against not Read more
Eversource 401(k) Plan Breach of Fiduciary Duties Class Action
The Eversource 401(k) plan, like most such plans, is governed by the Employee Retirement Income Security Act (ERISA). Those responsible for the plan include Eversource Energy Service, the Board of Directors of Eversource Energy Service and its members, and the Investment Management Committee and its members. The complaint for this class action contends that these Read more
Northwell Health 403(b) Plan Breach of Fiduciary Duty Class Action
The complaint for this class action brings suit against Northwell Health, Inc. and the Northwell Health, Inc. 403(b) Plan Committee for breach of fiduciary duties. A 403(b) retirement plan is similar to a 401(k), except that it is for employees of tax-exempt and nonprofit organizations, like certain schools and hospitals. Like 401(k) plans, it is Read more
United Health Plans “Cross-Plan Offsetting” ERISA Class Action
Healthcare plans are governed by a law popularly known as ERISA, the Employee Retirement Income Security Act. This class action brings suit against a number of companies in the United Health group for something called “cross-plan offsetting,” in which the companies use the assets of one plan to offset losses in another. Read more
Plexus Corp. 401(k) Plan Breaches of Fiduciary Duty Class Action
The complaint for this class action asserts that the primary purpose of the Employee Retirement Income Security Act (ERISA) is to protect the participants and beneficiaries in private retirement plans. Those who manage or administer the plans must act solely in the interest of the interest of these parties. The complaint brings suit against Plexus Read more
Costco 401(k) Retirement Plan Breach of Fiduciary Duty Class Action
Company retirement plans are governed by the Employee Retirement Income Security Act (ERISA). The complaint for this class action claims, “The law is settled that ERISA fiduciaries have a duty to evaluate fees and expenses when selecting investments as well as a continuing duty to monitor fees and expenses of selected investments and remove imprudent Read more