Tag: Participant Lawsuits

A federal appeals court has ruled that UMB Bank is not responsible for losses to retirement plan accounts from investments directed by participants’ investment adviser.

The ERISA Industry Committee (ERIC) and other groups are urging a federal appellate court to rehear a case which found fiduciaries at Kraft Foods may have breached their...

A federal judge in South Carolina approved a $30 million settlement against Duke Energy over its conversion to a cash balance retirement plan.

The U.S. Supreme Court sent back a lower court decision that ordered CIGNA Corp. to reform its cash balance plan in awarding relief to participants on a conversion...

Motorola 401(k) Profit-Sharing Plan participants are excluded from the class specified in a securities lawsuit brought against the company, so they cannot share in the settlement of that...

A court approved a $3 million settlement of a case accusing PFF Bancorp Inc of continuing to purchase and invest in company stock for its 401(k) plan and...

The 9th U.S. Circuit Court of Appeals has reinstated a lawsuit brought by Finistar shareholders alleging stock options backdating.

In an amicus brief, the U.S. Department of Labor asked the 9th U.S. Circuit Court of Appeals to reverse a federal district court’s dismissal of a 401(k) stock-drop...

Plan sponsors spend a lot of time wondering—and worrying—about the “right” way to do things.   

A U.S. appeals court found that fiduciaries of the bankrupt Rock Island Corporation can be liable for allowing retirement plan participants to select company stock as an investment...

A federal appellate court has thrown out a lower court’s decision in favor of an excessive retirement plan fee lawsuit and sent the matter back for further proceedings.

Federal class action filing activity increased in 2010, yet the financial services industry is not to blame, according to the 15th annual Securities Litigation...

American International Group (AIG) must face claims by some current and former employees that their retirement funds were invested too heavily in company stock, Bloomberg is reporting.

A federal judge in Colorado rejected an employer’s request that its lawyers' fees be paid for by participants who lost their case.

The presumption of prudence was not enough to dismiss claims a company breached its Employee Retirement Income Security Act (ERISA) fiduciary duties by offering company stock.

The “presumption of prudence” standard has prevailed again, ruling in favor of the employer in a case where participants claimed a breach of fiduciary duty occurred. 

A federal judge in Kentucky ruled that cash balance plan participants waited too long before filing amended legal claims challenging their plan's whipsaw lump-sum distribution method.

A federal judge in California has certified as a class plaintiffs suing Northrop Grumman Corporation in an excessive 401(k) plan fee case.

A federal judge in New York threw out a stock-drop lawsuit against UBS AG and UBS Financial Services Inc.

The U.S. Supreme Court rejected a request to review a decision by an appellate court that a cash balance pension plan that cut off interest credits of participants...