Investments
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
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
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
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
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
Charles Schwab Earnings from Intelligent Portfolios Program Class Action
Digital programs are increasingly used to automate everything. This class action brings suit against Charles Schwab Investment Advisory, Inc. over its digitized investment-advice “robo-advisor” program Schwab Intelligent Portfolios (SIP program). The complaint alleges that, while the SIP program advertises itself as being lower-cost than other programs in certain ways, it involves “self-dealing” by the company Read more
IBM Retirement Plans Breach of Fiduciary Duty Settlement
A settlement of $4,750,000 is resolving a class action against the IBM Retirement Plans Committee and certain individuals under the Employee Retirement Income Security Act (ERISA). The complaint alleged that the committee breached its fiduciary duty of prudence in offering IBM common stock as an investment in its 401(k) plan. It claimed that the committee Read more
Vida Longevity Fund Omissions in Offering Materials Class Action
This class action brings suit under the Texas Securities Act (TSA) against a number of parties related to the Vida Longevity Fund, LP, established in 2010. The Fund promised a high rate of return, but the complaint alleges that it was hiding “serious weaknesses in the Funds’s internal processes and procedures…” It claims that these Read more
TD Ameritrade Prohibitions on Sales of AMC Stock Class Action
TD Ameritrade, Inc. is a broker that processes trading orders for consumers. The complaint for this class action alleges that on January 28, 2021, TD did not process orders for AMC securities, either prohibiting customers from making the trades or delaying in making them. The complaint alleges breaches of contract and of the implied covenant Read more
Insperity 401(k) Retirement Plan Settlement
This settlement resolves a class action against Reliance Trust Company, Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, LP, claiming they violated ERISA in their operation and administration of the Insperity 401(k) Plan. The lawsuit alleged the companies caused the plan to pay too much for administrative and investment services, and also that they Read more
