The bank’s recent troubles over illegal sales practices have led retirement plan participants to file an ERISA stock drop suit, claiming plan fiduciaries continued to offer Wells stock when they knew it was imprudent to do so.
Tag: Company stock
The court found one executive in particular was not a fiduciary to SunTrust's DC plan.
An appellate court has sent the case back to a lower court after finding that BP's ESOP participants did not meet all pleading standards set by the U.S. Supreme Court.
The SEC recently weighed in on whether offering a brokerage window in a 401(k) through which investments in employer securities can be made involves an offer of employer securities requiring Securities Act registration.
The lawsuit was filed after disclosure of Foreign Corrupt Practices Act violations in Avon's China operations.
A second stock drop case has emerged in just the last week targeting a Target Corporation ESOP retirement plan.
Recognizing the new pleading standards set forth in Fifth Third v. Dudenhoeffer, the lawsuit suggests alternative actions plan fiduciaries could have taken rather than continuing to allow investments in company stock.
A district court found the plaintiff did not meet pleading standards set forth in Fifth Third v. Dudenhoeffer.
The dismissal of the lawsuit against State Street still stands.
The 2nd Circuit used the same logic in prior decisions to determine plaintiffs had not proven Lehman plan fiduciaries violated the Employee Retirement Income Security Act (ERISA).
An appellate court agreed with a lower court that the fiduciaries failed to act in participants’ best interest and to monitor providers.
According to the settlement agreement, more than 21,000 class members will share in the nearly $10 million payment.
A district court judge said her reading of the U.S. Supreme Court's decision in Fifth Thirdv. Dudenhoeffer does not preclude application of the "alternative action" standard to closely held companies.
The case reached the Supreme Court, and set new standards of pleading for lawsuits against retirement plans that hold on to company stock.
The case was sent back through the courts following the U.S. Supreme Court's decision in Fifth Third v. Dudenhoeffer.
A federal court has found that RJR proved a prudent fiduciary would have removed Nabisco stock from its 401(k) plan.
A lawsuit brought by participants in JP Morgan’s 401(k) plan alleging imprudence in keeping company stock in the plan was dismissed under the new Supreme Court standard.
The Labor Department filed suit against a California-based manufacturer to recover millions of dollars for ESOP plan participants.
The U.S. Supreme Court may take up important fiduciary liability questions related to a “reverse stock-drop” case leveled against a major tobacco producer.
Implications of two litigation outcomes in June 2014 depend on the type of employee stock ownership plan an employer offers.