Retirement Plans

North Highland ESOP Retirement Plan Breach of Fiduciary Duty Class Action

Retirement plans, like the North Highland Company Employee Stock Ownership and 401(k) Plan, rely on fiduciaries to take action to benefit them. But this class action alleges this plan’s fiduciaries undermined the plan in a number of ways, including using prohibited transactions, exceeding caps on executive pay, taking back corporate control, and improperly seizing the  Read more

Quanta Services Retirement Plan Breach of Fiduciary Duties ERISA Class Action

People who invest in their employer’s retirement plan must rely on the plan’s fiduciaries to make prudent and loyal choices of investments. This class action concerns the Quanta Services, Inc. 401(k) Savings Plan, bringing suit against Quanta Services, Inc., its Board of Trustees, and the savings plan’s administrative committee, alleging these defendants breached their fiduciary  Read more

Wells Fargo 401(k) Plan “Self-Dealing” Stock Purchase Class Action

This class action concerns a purchase of stock for the employee stock ownership plan (ESOP) portion of the Wells Fargo & Company 401(k) Plan. The complaint alleges that the terms of the deal amount to self-dealing by the company and a breach of fiduciary duty, both in the price of the shares and the terms  Read more

NCL Corporation 401(k) Plan Breach of Fiduciary Duties Class Action

NCL Corporation, Ltd offers a retirement plan for its employees, the NCLC 401(k) Plan. This class action sues NCL and the plan’s administrator, NCL (Bahamas), Ltd., alleging they have breached their fiduciary duties of loyalty and prudence to the plan, by choosing poorly-performing investments, high-cost share classes, and recordkeeping services that charge excessive fees.  Read more

Southern Company Pension Plan Outdated Actuarial Calculations Class Action

This class action concerns a lowering of benefits in the Southern Company Pension Plan for married couples to pay for a qualified preretirement survivor annuity (QPSA) provision. The parties sued are the pension plan, Southern Company Services, Inc., and the Benefits Administration Committee, which the complaint alleges violate the Employee Retirement Income Security Act (ERISA)  Read more

RWJBarnabas Retirement Plans Breach of Fiduciary Duty Settlement

This settlement resolves a class action alleging breach of fiduciary duty to two retirement plans, the RWJBarnabas Health 401(k) Savings Plan and the RWJBarnabas Health 403(b) Savings Plan. The complaint brought suit against Barnabas Health, Inc., its Investment Committee, and its Defined Contribution Plans and ERISA Administrative Subcommittee or the Investment Committee, alleging these were  Read more

Labcorp Retirement Plan Recordkeeping Fees ERISA Class Action

The Employee Retirement Income Security Act (ERISA) imposes the duties of loyalty and prudence on fiduciaries who look after retirement plans. In this case, the complaint alleges that Laboratory Corporation of America Holdings (Labcorp) has breached these duties to the Laboratory Corporation of America Holdings Employees’ Retirement Plan by “caus[ing] the Plan to pay unreasonable  Read more

Cisco Systems 401(k) Poorly-Performing Investment Options Class Action

Defined contribution plans, like 401(k)s, have become the primary way for Americans to save for retirement. They are governed by the Employee Retirement Income Security Act (ERISA). The complaint for this class action alleges that Cisco Systems, Inc., its Board of Trustees, and the Administrative Committee for the Cisco Systems, Inc. 401(k) Plan breached their  Read more

Stanley Black & Decker Retirement Plan Breach of Fiduciary Duties Class Action

This class action concerns the Stanley Black & Decker Retirement Account Plan, bringing suit under the Employee Retirement Income Security Act (ERISA). The complaint alleges that Stanley Black & Decker, Inc., its Board of Trustees, and the plan’s Administrative Committee breached their fiduciary duties to the plan in causing it to pay excessive recordkeeping fees  Read more

Citi Retirement Plan Poorly-Performing BlackRock TDFs ERISA Class Action

Defined contribution plans, such as 401(k) plans, have become the main form of retirement savings in the US. Unfortunately, companies do not have the same incentives to look after these plans as they did with defined benefit plans. The complaint for this class action alleges that Citigroup, Inc., its Board of Trustees, and the Administrative  Read more