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 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 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.
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.
On February 9, 2023, the Honorable Jennifer L. Thurston of the United States District Court for the Eastern District of California determined that class action claims alleging breaches of fiduciary duties under the Employee Retirement Income Security Act survived the motion to dismiss filed by Sutter Health and the Retirement Benefits Investment Committee of Sutter Health.
On January 31, 2023, the Honorable Edmund A. Sargus, Jr. of the United States District Court for the Southern District of Ohio granted final approval of a $2.75 million settlement in a class action lawsuit against L Brands, Inc. alleging mismanagement of the L Brands, Inc. 401(k) Savings and Retirement Plan.
On December 7, 2022, United States District Judge Janet C. Hall of the District of Connecticut partially denied the Motion to Strike Plaintiffs’ Jury Demand filed by New England energy provider Eversource Energy Company, finding that Defendants cannot preclude a jury trial against 11,000 former and current participants in the Eversource 401(k) Plan.
Plaintiffs, represented by Miller Shah LLP, alleged that Defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by (1) selecting and retaining the risky Fidelity Freedom Funds Active Suite, instead of retaining a more prudent alternative, and (2) allowing participants to be charged excessive recordkeeping and administrative fees.