Retirement Plans

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

Novitex Enterprise Solutions Retirement Plan Settlement

Exela Enterprise Solutions, Inc. and the Novitex Enterprise Solutions Employee Benefits Committee are settling a class action alleging that the two did not perform proper oversight of the former Novitex Enterprise Solutions Retirement Savings Plan, which was ended in December 2018 when its assets were merged with the Source HOV 401(k) Plan, forming the Exela  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

Northern Trust Retirement Plan Imprudent Investment Options Class Action

This class action brings suit against the Northern Trust Company and its Employee Benefit Administrative Committee and its members for failing to properly monitor and replace poorly-performing investment options in the company’s retirement plan, the Northern Trust Company Thrift-Incentive Plan. The complaint alleges that the defendants have breached their fiduciary duties under the Employee Retirement  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

Brenntag Profit-Sharing Plan Breach of Fiduciary Duty ERISA Settlement

This settlement resolves a class action against Brenntag North America, Inc., its Board of Directors, and its Investment and Oversight Committee. The complaint alleged that these parties breached the fiduciary duties of loyalty, care, and prudence owed to the Brenntag USA Profit-Sharing Plan, because they did not try to reduce the plan’s expenses or properly  Read more

Kerry Breach of Fiduciary Duties to 401(k) Plan Class Action

The first sentence of the Introduction to this class action is, “The essential remedial purpose of the Employee Retirement Income Security Act (‘ERISA’) is ‘to protect the beneficiaries of private pension plans.’” The plan here is the Kerry, Inc. Savings Plan, an employee retirement plan. The complaint brings suit against Kerry, Inc., its Board of  Read more