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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

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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

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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

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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

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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

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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

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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

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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

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Schwab DAF Charitable Fund Breach of Fiduciary Duties Class Action

This class action involves the Schwab donor-advised fund (DAF), a charitable entity that is part of the Schwab Charitable Fund. The complaint alleges that Schwab Charitable, the Schwab Board of Directors, and the Schwab Charitable Investment Oversight Committee have breached their fiduciary duties to the Schwab DAF, in violation of common law as well as  Read more

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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

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