Second Lawsuit Filed Against Cigna Over 401(k) Plan Forfeitures
A separate lawsuit also alleging misuse of plan forfeitures was filed against the health care company in May, as similar...
Tag: Participant Lawsuits
Court Narrows Scope of Liberty Mutual Case, But Allows Single Claim to Proceed
In Massachusetts, while a federal judge granted partial summary judgment in favor of Liberty Mutual, an alleged breach of the...
EBSA Nominee Says He Will End ‘Regulation by Litigation’
Daniel Aronowitz pledged Thursday to reduce litigation and expand retirement benefits and also to end a “war on ESOPs.”
Court Affirms Dismissal of Intel Investment Lawsuit Over Alternative Investments
In a 2019 suit, plan fiduciaries were accused of breaching their duties of prudence by investing some of the retirement...
Latest 401(k) Forfeiture Lawsuit Filed Against UBS
The investment bank was accused of mismanaging forfeited funds in its 401(k) plan by using them toward reducing employer contributions.
Lawsuit Filed Against TIAA Alleging Mismanagement of Employee Retirement Funds
The complaint alleges TIAA breached its fiduciary duties and mismanaged billions of dollars in employee retirement savings by opting for...
Lawsuit Filed Against UnitedHealth Alleging Misuse of Forfeited 401(k) Plan Assets
The plaintiffs include four current and former employees who intend to represent more than 250,000 plan participants.
Forfeiture Lawsuit Filed Against Cigna; Intuit Reaches Settlement
The Cigna Group is the latest company accused of mismanaging the forfeited funds in its 401(k) plan, and software company...
Forfeitures Class Action Against Kaiser Foundation Dismissed
A federal judge in the Central District of California dismissed the claim that the plan sponsor’s use of forfeited assets...
Questions About Service Provider Selection Stem From Pentegra MEP Case
The jury's verdict and monetary award may serve as a warning for other situations in which plan sponsors and service...
MEP Plan Participants Win in Jury Trial Against Pentegra
A jury awarded a class of more than 25,000 employees and retirees more than $38 million.
Supreme Court Wants Solicitor General Opinion on Excessive Fee 401(k) Case
District and appellate courts have split opinions about whether the burden of proof in the excessive fee case falls on...
Lawsuits Call Attention to ESOP Cash Holdings
Plan fiduciaries have been accused of failing to prudently invest cash held in employee stock ownership plan trusts in recent...
Wells Fargo Health Plan Lawsuit Dismissed
The judge argued that the allegations were too speculative to show concrete individual harm and too conjectural to show redressability.
Lockheed Martin Sued for In-House Management of 401(k) Plan
The lawsuit alleges that Lockheed Martin used underperforming target-date funds with high fees in its 401(k) plans for the company’s...
JPMorgan Sued Over Health Plan’s Generic Drug Costs
The defendants claim the company breached its ERISA fiduciary duty by putting business interests ahead of the plan and its...
PPL Corp. Agrees to Settle Participant Lawsuit Over TDFs for $8.2M
Workers at the energy company claimed that PPL included underperforming target-date investments from Northern Trust in four of its retirement...
Verizon Settles 401(k) Complaint for $30M
The agreement is still pending court approval but would end 7-year court case.
Costco Agrees to $5.1M ERISA Case Settlement
The agreement, in which Costco admits no wrongdoing, also includes mandatory changes to the plan’s fee management process.