ERISA Violations

Deloitte Retirement Funds Breach of Duty of Prudence ERISA Class Action

The Employee Retirement Income Security Act (ERISA) places the duty of prudence on fiduciaries of retirement plans. This class action names Deloitte, LLP, its Board of Directors and its members, and the Retirement Committee of Deloitte, LLP and its members as defendants. It alleges they breached their fiduciary duties to two retirement plans, the Deloitte  Read more

Koch Industries Retirement Plans Recordkeeping Expenses ERISA Settlement

Koch Industries, Inc., Koch Business Solutions, LP, and the Koch Benefits Administrative Committee are spending $4 million to settle a class action alleging that it did not properly monitor and control recordkeeping expenses for its retirement plans, including the Georgia-Pacific LLC Hourly 401(k) Plan, the Georgia-Pacific LLC 401(k) Retirement Savings Plan, and the Koch Industries  Read more

Isagenix Employee Stock Ownership Plan ERISA Violations Class Action

This class action is about the Isagenix Worldwide, Inc. Employee Stock Ownership Plan (ESOP). It is brought against Argent Trust Company, the trustee of the plan, and four individuals, for a transaction in which Argent bought shares of Isagenix from the four individuals on behalf of the plan. The complaint alleges that the value of  Read more

Electrical Contractor Union Funds Run Only by Management Class Action

At issue in this case is the representation of workers in union-sponsored benefit funds. The defendants are the funds for the union members’ welfare, apprenticeship, and retirement. The complaint for this class action alleges that all administrators of the funds are from the employers’ side, with none from the employee side. The laws in question  Read more

Columbia University 403(b) Plan Settlement

This settlement resolves two consolidated class actions against the Trustees of Columbia University in the City of New York about the management, operation, and administration of the university’s 403(b) plans, including the Retirement Plan for Officers of Columbia University and the Columbia University Voluntary Retirement Savings Plan. The complaint alleged violations of the Employee Retirement  Read more

Baptist Health of South Florida 403(b) Plan Fiduciary Duties Class Action

The Employee Retirement Income Security Act (ERISA) “imposes strict fiduciary duties of loyalty and prudence upon employers and other plan fiduciaries[,]” says the complaint for this class action. It brings suit against Baptist Health of South Florida, Inc. (BHSF), its Board of Directors, and its Retirement Plan Committee, alleging that these entities breached those duties  Read more

John Hancock Life Insurance Retirement Plan Settlement

John Hancock Life Insurance Company (USA) and the John Hancock US Benefits Committee are spending $14 million to settle a class action about whether they fulfilled their duties under the Employee Retirement Income Security Act of 1974 (ERISA). The complaint alleged that they did not properly monitor recordkeeping fees or the fees and performance of  Read more

BlackRock Retirement Plan ERISA Settlement

BlackRock, Inc. and related parties are settling a class action alleging they violated the Employee Retirement Income Savings Act (ERISA) by choosing certain BlackRock-managed funds as investment options in its Retirement Savings Plan, a 401(k) employee retirement plan. The complaint alleged that these choices caused the plan to skip superior investment choices, pay BlackRock and  Read more

Lowe’s 401(k) Plan Litigation Settlement

A partial settlement has been reached with Lowe’s Companies, Inc. and the Administrative Committee of Lowe’s 401(k) retirement plan, in a class action suit against these parties and Aon Hewitt Investment Consulting, Inc. The complaint alleged that the defendants breached their fiduciary duties to the plan under the Employee Retirement Income Security Act (ERISA) when  Read more

WakeMed Retirement Plan Fiduciary Duties Settlement

WakeMed and its insurer are paying a little less than a million dollars to settle a class action alleging the company and other parties breached their fiduciary duties to the WakeMed Retirement Savings Plan. The complaint alleged that WakeMed chose and maintained certain mutual funds for the plan that were more expensive than other, similar  Read more