On June 27, 2022, counsel for the proposed class and counsel for Defendants Rush University Medical Center (โRUMCโ), the Board of Trustees of Rush University Medical Center, the Rush University Medical Center Investment Committee, and the Rush University Medical Center Administrative Committee (collectively, โDefendantsโ) jointly filed a status report notifying the court that they reached a settlement in their 401(k) plan mismanagement litigation. According to the settlement agreement, RUMC will…
On July 29, 2022, the Honorable Janet C. Hall, a district judge in the United States District Court for the District of Connecticut, denied Defendantsโ multipronged motion for summary judgment in its entirety. This denial comes shortly after the Court granted Plaintiffsโ motion for class certification in May. In moving for summary judgment, Defendants sought to establish that they were entitled to judgment as a matter of law because the…
On May 12, 2022, a District Judge in the United States District Court for the Middle District of North Carolina certified a class of over 9,000 members in a lawsuit against IQVIA Inc., the Board of Directors of IQVIA Holdings, Inc., and the Benefits Investment Committee (collectively, โIQVIA,โ the โCompany,โ or โDefendantsโ). The Court defined the Class as all participants and beneficiaries in the IQVIA, Inc. 401(k) Plan (the โPlanโ)…
On May 25, 2022, a District Judge for the District of Connecticut certified a class of over 11,000 current and former participants of the Eversource 401(k) Plan (โPlanโ) in an ERISA lawsuit against Eversource Energy Services Company (โEversourceโ), the Board of Directors of Eversource Energy Service Company, the Eversource Plan Administration Committee, and the Eversource Investment Management Committee (collectively, โDefendantsโ), alleging mismanagement of the Plan. Eversource is the plan sponsor…
On April 27, 2022, the United States Court of Appeals for the Sixth Circuit affirmed the United States District Court for the Southern District of Ohioโs denial of a motion to compel arbitration, holding that the Cintas Partnersโ Plan (the โPlanโ) had not consented to arbitration, and, therefore, there was no basis for the Plaintiffsโ claims to be arbitrated. Plaintiffs Raymond Hawkins and Robin Lung originally filed the action in…
On April 26, 2022, Fidelity Investments, Inc. (โFidelityโ) announced that it will offer Bitcoin for employers to include as an investment option in their 401(k) plans. Fidelity will be the first major retirement plan service provider to offer crypto currency. This move comes after the Employee Benefits Security Administration (โEBSAโ), an agency within the Department of Labor (โDOLโ), published Compliance Assistance Release No. 2022-01 (โReleaseโ) on March 10, 2022. In…
On June 1, 2022, the United States Court of Appeals for the Third Circuit upheld the United States District Court for the Eastern District of Pennsylvaniaโs decision to certify a class of more than 60,000 participants in a lawsuit against Universal Health Services Inc. ("UHSโ) and the UHS Retirement Plan Investment Committee (together, โUniversalโ or โDefendantsโ) regarding the alleged mismanagement of the UHS Retirement Savings Plan (the โPlanโ). Universal, like…
On April 5, 2022, Deborah Locascio and David Summers (โPlaintiffsโ) filed an amended complaint against their former employer, Fluor Corporation (โFluorโ), and Mercer Investments (โMercerโ) in the United States District Court for the Northern District of Texas. Fluor is the plan sponsor for the Fluor Corporation Employeesโ Savings Investment Plan (the โPlanโ). As of December 31, 2020, the Plan had more than 15,000 participants with account balances and assets totaling…
On March 31, 2022, the Honorable Christy Wiegand, a Judge for the United States District Court in the Western District of Pennsylvania, granted in part and denied in part Defendantsโ motion to dismiss a class action claiming PNC Financial Services Group Inc. (โPNCโ or the โCompanyโ) mismanaged its 401(k) retirement plan. The PNC Financial Services Group Inc. Incentive Saving Plan (the โPlanโ) serves as a vehicle for PNC employees to…
On March 8, 2022, United States District Judge Frank D. Whitney of the Western District of North Carolina approved a $3.5 million settlement of class action claims alleging the Coca-Cola Bottling Company (โCoca-Cola Bottlingโ or the โCompanyโ) mismanaged its defined contribution retirement plan (the โPlanโ). Represented by Miller Shah, two former Coca-Cola Bottling employees (โPlaintiffsโ) specifically alleged that the Company mismanaged the Plan by incorporating excessive fees and risky investment…
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