Retirement Plans
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
Teva Pharmaceuticals Retirement Plan Settlement
This settlement resolves a class action against Teva Pharmaceuticals USA, Inc., its board of directors, and the investment committee of its retirement plan. The complaint alleged that these parties breached their fiduciary duties to the Teva Pharmaceuticals Retirement Savings Plan, by not keeping plan expenses down and not properly choosing and monitoring its investment options. Read more
Kinder Morgan Reduction of Retirement Benefits ERISA Class Action
The first paragraph of the complaint calls this class action “a case study in what can happen to the retirement benefits of employees after a series of corporate acquisitions and divestitures.” It brings suit against Kinder Morgan, Inc., the Kinder Morgan Retirement Plan A, and two individuals, the plan’s claims administrator and a member of Read more
Principal Life Breach of Fiduciary Duty to Retirement Plans ERISA Class Action
Employee savings and retirement plans are governed by the Employee Retirement Income Security Act (ERISA) and must be managed for the sole benefit of the participants and beneficiaries. The complaint for this class action brings suit against the Principal Life Insurance Company, its Benefit Plans Administrative and Investment Committees, and the members of those committees, 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
Columbus Regional Retirement Plan Fiduciary Duties Class Action
When Columbus Regional Healthcare System, Inc. was acquired by Piedmont Healthcare, Inc. in 2018, its 403(b) retirement plan was terminated. The complaint for this class action alleges that Columbus mishandled this former retirement plan, breaching its fiduciary duties, violating the Employee Retirement Income Security Act (ERISA), and costing participants money. Read more
Coca-Cola Bottlers’ 401(k) Plan Breach of Fiduciary Duties ERISA Class Action
Retirement plans, such as the Coca-Cola Bottlers’ Association 401(k) Retirement Savings Plan, which are established for large companies, are governed by the Employee Retirement Income Security Act (ERISA). The complaint for this class action alleges that the Coca-Cola Bottlers’ Association (CCBA) and certain persons responsible for managing the plan have breached their fiduciary duties to Read more
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
Northern Trust Retirement Plan Poorly-Performing Options Class Action
Company retirement plans are governed by the Employee Retirement Income Security Act of 1974 (ERISA). This includes the Northern Trust Company Thrift-Incentive Plan. This class action brings suit against the Northern Trust Company, its Employee Benefit Administrative Committee, and the Committee’s members, alleging that they have breached their fiduciary duties under the plan. Read more
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