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Wells Fargo Challenged Funds in Retirement Plan Settlement

Wells Fargo & Company, Wells Fargo Bank, NA and their Employee Benefit Review Committee are paying more than $32 million to resolve a class action about its retirement plan under the Employee Retirement Income Security Act of 1974 (ERISA), alleging the defendants breached their fiduciary duties and engaged in prohibited transactions in connection with the  Read more

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Vanguard Target Date Funds Taxes on Smaller Investors Class Action

This class action speaks of the Vanguard Group, Inc. as “one of the most respected and successful investment companies in the world.” However, the complaint brings suit against Vanguard and the Vanguard Chester Funds, alleging that they disadvantage smaller investors when assets of the funds are sold, in particular during what the complaint terms “a  Read more

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BlockFi Crypto Interest Accounts Are Unregistered Securities, Says Class Action

This class action brings suit against a number of BlockFi entities—BlockFi, its parent BlockFI, Inc. (BFI), and affiliates BlockFi Trading, LLC and BlockFi Lending, LLC, for their BlockFi Interest Accounts or Crypto Interest Accounts (BIAs). The complaint alleges BIAs are unregistered securities that should have been registered with the Securities and Exchange Commission (SEC) and  Read more

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SafeMoon Cryptocurrency “Pump and Dump” Class Action

The prospects for individuals cryptocurrencies are difficult for individuals to evaluate before they buy. The defendants in this class action brings are SafeMoon, LLC, related other SafeMoon companies, and two groups of individuals (the Executive Defendants and the Promoter Defendants), all connected to the SafeMoon token. The complaint alleges that these defendants used “misleading promotions  Read more

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Milliman Retirement Plan Underperforming Investments Class Action

Those in charge of company retirement plans are considered fiduciaries of those plans, and they have the duties of loyalty and prudence to plan participants. One of the things they must do is monitor the investment options offered in the plan. This class action brings suit against Milliman, Inc., its Board of Directors, and the  Read more

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Voyager Digital Representations on Cryptocurrency Trading Class Action

Voyager Digital Ltd. and Voyager Digital, LLC offer a “multi-billion-dollar mobile application cryptocurrency investment service” that permits members of the general public to buy and sell cryptocurrencies. The complaint alleges that the service is aimed at investors who are young and inexperienced and that some of its promises are simply not true.  Read more

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Walgreen Profit-Sharing Retirement Plan Settlement

A settlement has been reached with Walgreen Co., the Retirement Plan Committee of the Walgreen Profit-Sharing Retirement Plan, the Trustees of the Walgreen Profit-Sharing Retirement Trust, and the Board of Directors of Walgreen Co., over the Walgreen Profit-Sharing Retirement Savings Plan. The complaint alleged that the companies violated the Employee Retirement Income Savings Act (ERISA)  Read more

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Western Global Airlines ESOP Stock Purchase ERISA Violations Class Action

This head-spinning class action involves an employee stock ownership plan (ESOP) for employees of Western Global Airlines, Inc. and a stock purchase of 37.5% of private Western Global stock. The complaint alleges that the defendants bought the stock at an inflated price, saddled the company with enormous debt to pay for it, and forced employees  Read more

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UBS Financial YES Program High Risks and Conflicts of Interest Class Action

This class action brings suit against UBS Financial Services, Inc. for its Yield Enhancement Strategy (YES) program. The complaint makes several allegations, including that UBS concealed that the potential risks of the program were larger than the potential gains, that the accounts enabled UBS to double-dip on fees, and that UBS had a conflict of  Read more

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CITIC Capital RICO Conspiracy GNC Shareholders’ Class Action

This class action is brought by minority shareholders in GNC Holdings, Inc. The complaint alleges that “a number of state-owned Chinese corporations and individuals, GNC’s Board of Directors and senior management, certain [of] GNC’s secured lenders and financial advisor” who have conspired “to enrich themselves at the expense” of other shareholders through dishonest actions that  Read more

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