Bank of America Deficient COBRA Notice to Separating Employees Class Action

The Consolidated Omnibus Budget Reconciliation Act (COBRA) sets forth rules that allow employees of certain large employers to retain their health insurance benefits after they separate from the company. However, the complaint for this class action alleges that the Bank of America (BOA) Corporation Corporate Benefits Committee deliberately gives departing employees inadequate information on the  Read more

Caduceus with Two Snakes

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

Rising Bar Graph on Chalkboard Titled "Retirement Plan"

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

Document Titled "401(k) Statement"

Xerox Changes in Health Benefits for Retirees Class Action

Benefits for retired persons are crucially important; elderly people can no longer simply get another job or earn more money to pay for price increases. The complaint for this class action alleges that Xerox Corporation and its Plan Administrator Committee reneged on promises about its medical and dental plans for retired employees. Xerox at one  Read more

A Xerox Machine

Nestle 401(k) Duties of Prudence and Loyalty ERISA Class Action

The plaintiff in this case brings suit on behalf of the Nestle 401(k) Savings Plan, against Nestle USA, Inc. and its board of directors. The Employee Retirement Income Security Act (ERISA) governs company-employee retirement accounts, and the complaint alleges that those responsible for Nestle’s 401(k) plan violated their fiduciary duties of loyalty and prudence under  Read more

Hand Putting Coin in Piggybank Labeled "401(k)"

US Roche 401(k) Plan Breach of Fiduciary Duties Class Action

Now that 401(k) plans are the primary form of retirement savings in the US, participants are looking more closely at how employers and administrators manage plans. The complaint for this class action brings suit against Genentech, Inc., the US Roche DC Fiduciary Committee (or Administrative Committee), and the individual committee members, alleging that the US  Read more

A Genentech Building

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

CVS Health and Aetna Logos

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

Clock, Stairstep Pile of Coins, and Money in a Jar Labeled "Retirement"

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

Nvidia Logo Drawn in Green Lights

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

JPMorgan Chase Sign in Front of Skyscraper