Court Revives Fifth Third Stock Drop Suit
The 6th U.S. Circuit Court of Appeals has revived a lawsuit against Fifth Third Bank concerning company stock holdings in its employee retirement plan.
Tag: Participant Lawsuits
$18M Judgment Ordered in Alliant Cash Balance Case
A federal judge has approved calculations for an award to former participants in Alliant Energy Corp.’s cash balance plan.
Medical Centers’ Employees Sue Over Switch to DC
Employees at Truman Medical Centers (TMC) sued the hospital for changing their retirement plans.
Stepchildren Not ‘Children’ for Purposes of Death Benefit
A federal appellate court has determined a plan administrator was right in bypassing a deceased retirement plan participant’s stepchildren when distributing his account.
Employer to Pay for Failing to Monitor RK Costs
A court found ABB Inc. and Fidelity breached some fiduciary duties owed to participants in ABB’s retirement plans.
Court Certifies Class in 'Change in Control' Case
A class of former participants in the Anheuser-Busch Companies Pension Plan can move forward with a claim for benefits.
J.P. Morgan Agrees to Settle Bear Stearns Stock Drop Suit
A $10 million settlement of a stock drop suit against Bear Stearns has been filed in federal court.
Employer Wins Case Regarding Mistaken SPD Information
Former Northrop Grumman employees failed to prove that the company intended to mislead employees with a contradiction from plan terms in its summary plan description (SPD).
Court Dismisses Claim Against Solis for PPA Provision
A federal district court dismissed claims by defined benefit (DB) plan participants over the removal of an early retirement provision due to the plan’s critical status.
Long Island CEO Accused of Stealing from 401(k)
Suffolk County (New York) prosecutors say a Long Island CEO looted his employees' retirement accounts and bought expensive cars with the money.
Court Dismisses Claims of Improper Investment Selection
A federal court dismissed a 401(k) plan participant’s claims that plan fiduciaries inappropriately selected plan funds and allowed excessive fees.
Settlement Entered in Kraft Excessive Fees Case
Kraft Foods Global agreed to pay $9.5 million to settle a lawsuit over excessive fees for its 401(k) plan investments.
N.J. Court Finds Public Employee Need not Return Pension Overpayment
An appellate court in New Jersey found a public worker did not intend to mislead the state and does not need to repay $258,191 in pension benefits mistakenly...
Lost Pension Assets by Japan Investment Managers Sparks Larger Probe
Japan's financial regulator halted operations of a Tokyo money-management company after finding it allegedly lost billions of dollars in client money.
Tribune Workers Have Retirement Savings Restored
The Tribune Co., GreatBanc Trust Co. and various insurance carriers completed funding a global settlement of $32 million for the Tribune Employee Stock Ownership Plan’s participants.
Defunct Company Ordered to Restore Retirement Plan Assets
The U.S. Department of Labor (DoL) obtained a summary judgment ordering Compass Capital Partners Ltd. and owner Harris M. DeWese to restore $661,206 to the defunct West Chester,...
Appellate Court Reopens Case Against State Street by GM Participants
The 6th U.S. Circuit Court of Appeals revived a stock drop lawsuit brought by General Motors retirement plan participants against State Street.
Court Rules for Employer with no Evidence of Benefits Eligibility
A federal appellate court ruled in favor of an employer that denied a claim for retirement benefits by a former employee’s sister because it found no evidence of...