On July 7, 2023, Plaintiff Melina Jacobs (“Plaintiff”) filed an unopposed motion for preliminary approval of class settlement to resolve claims she brought on behalf of herself, the Verizon Savings Plan for Management Employees (the “Plan”), and other participants of the Plan against Verizon Communication, Inc., (“Verizon”), Verizon Investment Management Corp, the Verizon Employee Benefits Committee, and Marc C. Reed, Matha Delehanty, Andrew H. Nebens, Connia Nelson, Shane Sanders, Robert J. Barish, and Donna C. Chiffriller (collectively “Defendants”). The parties agreed to settle the claims for $30 million.
On July 21, 2023, the Department of Justice (“DOJ”) announced that Booz Allen Hamilton Holding Corporation (“Booz Allen” or the “Company”), a Virginia-based provider of data analytics, digital solutions, and consulting services, has agreed to pay $377.45 million to resolve alleged violations of the False Claims Act, 31 U.S.C. §§ 3729–3733 (“FCA”).
On June 29, 2023, Yale New Haven Hospital (“Yale”) agreed to certify a class of over 26,000 current and former participants of the Yale-New Haven Hospital and Tax Exempt Affiliates Tax Sheltered Annuity Plan (the “Plan”) in a lawsuit against Yale-New Haven Hospital, Inc., the Board Of Trustees of Yale-New Haven Hospital, Inc., the System Investment Committee of Yale New Haven Health Service Corp. and System Affiliates, and the Retirement Committee Of Yale New Haven Health Services Corp. and System Affiliates (collectively, “Defendants”).
On July 5, 2023, the honorable Colleen McMahon of the United States District Court for the Southern District of New York approved a $2.45 million settlement of class action claims alleging that Omnicom Group, Inc. mismanaged its defined contribution retirement plan by subjecting Plan participants to excessive fees and risky, high-cost investment options.
On June 12, 2023, The Third Circuit Court of Appeals upheld the 2022 decision of the United States District Court for the District of New Jersey to certify a class of drivers in a wage and hour suit against Sleepy’s LLC, rejecting Sleepy’s argument that drivers’ misclassification claims require individualized inquiry to determine whether each class member was an employee or an independent contractor.
On March 17, 2023, a panel of the Ninth Circuit Court of Appeals delivered the latest in a series of decisions on California Assembly Bill 5 (“A.B. 5”), ruling that the United States District Court for the Central District of California had erred in dismissing equal protection claims filed by Uber Technologies, Inc. and Postmates, Inc. against the State of California and the California Attorney General.
On March 23, 2023, the U.S. Court of Appeals for the Seventh Circuit, on remand from the Supreme Court, explained how the “plausibility” pleading standard of Bell Atlantic Corp. v. Twombly, 550 U.S. 544 (2007), and Ashcroft v. Iqbal, 556 U.S. 662 (2009), should be applied to breach of fiduciary duty claims under the Employee Retirement Income Security Act. The Court’s ruling reversed and remanded claims the district court had dismissed alleging Northwestern University violated ERISA by imprudently administering Northwestern’s two defined contribution 403(b) retirement plans.
On March 30, 2023, U.S. District Judge Mark Kearney granted final approval of a $12.5 million settlement reached in a class action lawsuit against Universal Health Services, Inc. The Settlement resolves allegations that Defendants mismanaged the Universal Health Services, Inc. Retirement Savings Plan, to the detriment of over 60,000 Plan participants and beneficiaries.
On March 15, 2023, the Honorable Karen Marston of the United States District Court for the Eastern District of Pennsylvania granted final approval of a $39.8 million settlement to resolve antitrust claims against Johnson & Johnson alleging that the company launched its “Biosimilar Readiness Plan” to block health care providers from purchasing competitor products of its infliximab biosimilar, Remicade.
The Settlement resolves allegations that LinkedIn mismanaged the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust by failing to negotiate lower recordkeeping fees and maintaining underperforming funds in the Plan’s investment menu.