Court Does Not See Breach of Fiduciary Duty
The U.S. District Court of Nevada used the "Moench" standard when it dismissed a claim that International Game Technology breached its fiduciary duty of prudence.
Tag: Participant Lawsuits
Employer in Stock Drop Suit Awarded $50K
A federal judge in Illinois awarded the employer in a stock-drop case $50,000 in costs a year after ruling against the employee who filed the case.
Macy’s Fiduciary Breach Suit Certified as Class Action
A lawsuit questioning Macy’s decision to continue offering company stock in its retirement plans following the acquisition of a troubled department store has won class action status.
Madoff Trustee Goes After Tremont for $2.1B
Tremont Group Holdings faces a $2.1-billion lawsuit for allegedly missing warning signs about Bernard Madoff's Ponzi scheme.
Court Gives Final Approval to 401(k) Fee Case
A U.S. District Court judge has granted final approval of an $18.5-million settlement in an excessive 401(k) fee suit.
Final Settlement of Ford Stock-Drop Suit Reached
After five years of litigation, a judge gave final approval to a settlement of a suit accusing Ford Motor Co. of continuing to offer company stock in its...
RadioShack Settlement Deemed Fair
A federal judge in Texas gave final approval to a $2.4-million settlement of a class-action suit against RadioShack for breaching its fiduciary duty.
JPMorgan Responds to Madoff Trustee Suit
JPMorgan Chase & Co accused the trustee seeking $6.4 billion for victims of Bernard Madoff's Ponzi scheme of exceeding his authority by suing in bankruptcy court, where a...
7th Circuit Stock-Drop Rulings Seen as Helping Employers
A federal appellate court recently issued two rulings in stock-drop cases that may play a critical role for future employer-defendants.
$5M Settlement for Comcast Stock Drop Case
A federal judge in Pennsylvania approved a $5-million settlement of a Comcast Corp. stock drop class action suit.
Court OKs Class Actions for ERISA Cases
A federal appellate court has ruled that it can be appropriate for a class of defined contribution plan participants to sue for relief under the Employee Retirement Income...
IMHO: Warning “Labels”
Litigation—or more accurately, the fear of litigation—frequently serves to put us on notice.
2010 Securities Suits Edge Out 2009 Record
The number of securities lawsuits filed in 2010 edged out the record set in 2009, according to the latest quarterly review of securities litigation by insurance researcher Advisen...
Participants Lose Second Attempt in Medtronic Stock Suit
After filing an amended complaint, participants of Medtronic Inc.’s retirement plan failed to convince the court that the company breached its fiduciary duties by continuing to offer company...
Court Allows Ambac Stock Drop Case to Proceed
A federal judge in New York rejected claims that plan fiduciaries are immunized against stock drop suits if the plan mandates company stock investments; a decision not commonly...
AIG Participant Sues PwC over Audits
A former employee of American International Group Inc. filed a lawsuit claiming PricewaterhouseCoopers L.L.P. was negligent in its audits of AIG and failed to pursue a claim against...
Supermarket Stock Drop Case Remains Alive
A federal judge in Pennsylvania has cleared the way for a 401(k) participant to pursue his claim that plan trustees violated their fiduciary duties.
Court Finds Severance Plans Not ERISA Governed
A federal judge in Massachusetts ruled that Alcatel-Lucent USA did not breach its Employee Retirement Income Security Act (ERISA) fiduciary duties through its severance plan disclosures to four...
401(k) Participant Wins FINRA Arbitration
A 401(k) participant claimed Morgan Stanley caused significant losses to his account after his request to move money out of the stock market was not acted upon.