Nova Southeastern University 401(k) Breach of Fiduciary Duties Class Action

Did Nova Southeastern University, Inc. breach its fiduciary duties in its management of the University’s 401(k) plan for its faculty and staff? The complaint alleges that the university chose investments with poor performance and high-cost share classes, and paid excessive fees for recordkeeping and administration.  Read more

Nova Southeastern University

Boston College Retirement Plans High Costs, Low Returns ERISA Class Action

Boston College has two retirement plans, the Boston College 401(k) Retirement Plan I and the Boston College 401(k) Retirement Plan II. The complaint for this class action alleges that those responsible for the plans—the Trustees of Boston College and the Plan Investment Committee—have breach their fiduciary duties and mismanaged the plans in a way that  Read more

Boston College

MSCS, Matrix Prohibited Transactions in Retirement Plans ERISA Class Action

This class action is about prohibited transactions involving mutual fund fees taken from two retirement plans, the MBA Engineering, Inc. Employees 401(k) Plan and the MBA Engineering, Inc. Cash Balance Plan. The complaint alleges that the fees removed from the plan total at least $40 million and possibly as much as $400 million and that  Read more

ERISA Book on Desk

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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Linear Technology Retirement Plan Settlement

Analog Devices, Inc. is settling a class action as the successor to Linear Technology Corporation, Linear Technology, LLC, and Linear Technology Administrative Committee, about the former Linear Technology 401(k) Plan. The complaint alleged the defendants violated the Employee Retirement Income Security Act (ERISA) and their own duties as plan fiduciaries, by not managing the plan  Read more

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WBBQ Employee Stock Ownership Plan Prohibited Transactions ERISA Class Action

This class action concerns a company retirement plan, the WBBQ Employee Stock Ownership Plan (ESOP) that owns stock in W BBQ Holdings, Inc. The complaint alleges that the ESOP trustee, Argent Trust Company, and the company’s controlling managers and shareholders, Herbert, Gregor, and Stuart Wetanson, have violated ERISA by engaging in prohibited transactions and breaching  Read more

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Costco Retirement Plan Fee Settlement

Costco Wholesale Corporation, the Costco Wholesale Corporation Board of Directors, and the Costco Benefits Committee are settling a class action brought under the Employee Retirement Income Security Act of 1974 (ERISA) about the management, operation, and administration of the Costco 401(k) Retirement Plan. The complaint alleged that Costco allowed the plan to incur higher administrative  Read more

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UPS Retirement Plan JSA Payment Calculation Class Action

This class action against United Parcel Service of American, Inc. (UPS) concerns its UPS Retirement Plan and UPS Pension Plan and the calculation of benefits. The complaint alleges that joint and survivor (JSA) benefits are not actuarially equivalent to single life annuities (SLAs), as required by the Employee Retirement Income Security Act (ERISA). It brings  Read more

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Russelectric ESOP Shares Sold at Less Than Fair Market Value ERISA Class Action

Towards the end of his life, the founder of Russelectric, Inc., Raymond Russell, gave 30% of his company stock to its employees as a retirement benefit, through the Russelectric Inc. Employee Stock Ownership Plan (ESOP). However, the complaint alleges, after Russell died, “the company, at the direction and for the benefit of the founder’s heirs,  Read more

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JPMorgan Chase Retirement Plan “Wear Away” of Benefits Class Action

How would you feel if you discovered that for the last fifteen of your thirty-plus years with a company, you had not accrued any retirement benefits? This class action brings suit against the JPMorgan Chase US Benefits Executive, the Board of Directors of JPMorgan Chase Bank, JP Morgan Chase & Company, and the JPMorgan Chase  Read more

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