Beth Israel Settles ERISA Class Action for $2.9 Million

Plaintiffs alleged Defendants breached their fiduciary duties pursuant to the Employee Retirement Income Security Act of 1974 by selecting and retaining risky and underperforming investment options in the Plan and allowing Plan participants to be charged unreasonably expensive investment management fees, resulting in significant losses.

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ERISA Lawsuit: PNC Class Certified

On September 16, 2022, the Honorable Christy Criswell Wiegand of the Western District of Pennsylvania certified a class of over 65,000 current and former participants of the PNC Financial Services Group, Inc. Incentive Savings Plan in an ERISA lawsuit against PNC Financial Services Group, Inc. and the PNC Financial Services Group, Inc. Incentive Savings Plan Administrative Committee.

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Cintas Corporation files Petition for Writ of Certiorari after Sixth Circuit Appeal is Denied

On September 8, 2022, Cintas Corporation filed a petition for a Writ of Certiorari after the United States Court of Appeals for the Sixth Circuit affirmed the Southern District of Ohio’s denial of a motion to compel arbitration. The Sixth Circuit upheld the District Court’s determination that the defined contribution Cintas Partners’ Plan had not consented to arbitration and, therefore, did not fall within the parameters of the arbitration agreement that Plaintiffs had signed.

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Zachry Settles ERISA 401(k) Class Action for $1.875 Million

On August 5th, 2022, the Hon. Judge Elizabeth S. Chestney, United States Magistrate Judge for the Western District of Texas, granted final approval of the settlement agreement reached in a class action lawsuit against Zachry Holdings, Inc., the Compensation and Benefits Committee of Zachry, and Does 1-20. The lawsuit was brought on behalf of participants and beneficiaries of ZHI 401(k) Retirement Savings Plan.

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L Brands Settles ERISA 401(k) Class Action for $2.75 Million

On August 11th, 2022, Plaintiffs filed a Motion for Preliminary Approval of the settlement agreement reached in a class action lawsuit against L Brands, Inc., L Brands Service Company, LLC, and its Retirement Plan Committee (collectively, “L Brands,” the “Company,” or “Defendants”). The lawsuit was brought on behalf of participants and beneficiaries of L Brands Inc. 401(k) Savings and Retirement Plan (the “Plan”).

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Universal Decision Paves Way for Future ERISA Class Actions

On June 30, 2022, the Honorable Edward G. Smith of the United States District Court for the Eastern District of Pennsylvania certified a class of over 63,000 former employees and retirees of B. Braun Medical Inc. (the “Company”) in a class action lawsuit brought under the Employee Retirement Income Security Act of 1974 (“ERISA”). The decision follows the Third Circuit’s recent ruling in Boley v. Universal Health Systems.

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