October 13th, 2016
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.
October 12th, 2016
The court found one executive in particular was not a fiduciary to SunTrust's DC plan.
September 28th, 2016
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.
September 26th, 2016
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.
July 25th, 2016
The lawsuit was filed after disclosure of Foreign Corrupt Practices Act violations in Avon's China operations.
July 20th, 2016
A second stock drop case has emerged in just the last week
targeting a Target Corporation ESOP retirement plan.
July 15th, 2016
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.
July 8th, 2016
A district court found the plaintiff did not meet pleading standards set forth in
Fifth Third v. Dudenhoeffer.
June 27th, 2016
The dismissal of the lawsuit against State Street still stands.
June 14th, 2016
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).
May 13th, 2016
An appellate court agreed with a lower court that the fiduciaries failed to act in participants’ best interest and to monitor providers.
May 2nd, 2016
According to the settlement agreement, more than 21,000 class members will share in the nearly $10 million payment.
April 27th, 2016
A district court judge said her reading of the U.S. Supreme Court's decision in
Fifth Third v. Dudenhoeffer does not preclude application of the "alternative action" standard to closely held companies.
March 24th, 2016
The case reached the Supreme Court, and set new standards of pleading for
lawsuits against retirement plans that hold on to company stock.
March 23rd, 2016
The case was sent back through the courts following the U.S. Supreme Court's decision in
Fifth Third v. Dudenhoeffer.
February 22nd, 2016
A federal court has found that RJR proved a prudent fiduciary would have removed Nabisco stock from its 401(k) plan.
January 14th, 2016
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.
June 10th, 2015
The Labor Department filed suit against a California-based manufacturer to recover millions of dollars for ESOP plan participants.
March 11th, 2015
The U.S. Supreme Court may take up important fiduciary liability
questions related to a “reverse stock-drop” case leveled against a major
March 5th, 2015
of two litigation outcomes in June 2014 depend on the type of employee stock
ownership plan an employer offers.