Retirement Plans
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
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