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Category Archives: ERISA

October 11

ERISA

Supreme Court Grants Cert in ERISA Case

On October 4, 2024, the Supreme Court granted certiorari in a class-action lawsuit filed by employees of Cornell University (“Cornell”), alleging mismanagement of their retirement funds. The case presents an opportunity for the Court to address a Circuit split concerning the elements required to bring a “prohibited transactions” claim under ERISA. The Employee Retirement Income Security Act of 1974 (“ERISA”) is the federal law governing private industry retirement plans, with…

September 05

ERISA

Miller Shah LLP Finalized $11.8 Million Settlement with MedStar Health Inc.

On September 5, 2024, Judge James K. Bredar of a Maryland federal court approved an $11.8 million settlement reached in a class action lawsuit against MedStar Health, Inc. (“MedStar”), the Board of Directors of MedStar Health, Inc. (“Board”), and the MedStar Health, Inc. Retirement Savings Plan Committee (“Committee” and collectively, “Defendants”). The settlement resolves allegations that MedStar mismanaged the MedStar Health, Inc. Retirement Savings Plan (“Plan”), to the detriment of…

July 26

ERISA

Miller Shah Appeals Genentech ERISA Dismissal to Ninth Circuit

On July 16, 2024, Plaintiff Matthew Wehner filed an appellate brief in the United States Court of Appeals for the Ninth Circuit asking the Court to reverse the 2021 dismissal of his class action lawsuit against former employer Genentech, Inc. (“Genentech”) and the U.S. Roche DC Fiduciary Committee (“Committee,” and, collectively with Genentech, “Defendants”) regarding allegedly imprudent investments in the U.S. Roche 401(k) Savings Plan (the “Plan”). The Plan is…

October 25

Class Action, ERISA

Miller Shah LLP Finalized $124.6 Million Settlement with DST Systems

On October 25, 2023, U.S. District Judge Andrew L. Carter, Jr. granted final approval of a $124.6 million settlement reached in a class action lawsuit against Ruane, Cunniff & Goldfarb Inc., DST Systems, Inc., the Advisory Committee of the DST Systems, Inc. 401(k) Profit Sharing Plan, the Compensation Committee of the Board of Directors of DST Systems, Inc., and Robert D. Goldfarb (collectively, “DST Systems”). The settlement resolves allegations that…

September 27

Class Action, Employee Benefits, ERISA

Miller Shah LLP Finalizes $13 Million Settlement with Eversource

On September 27, 2023, U.S. District Judge Janet C. Hall granted final approval of a $15 million settlement reached in a class action lawsuit against Eversource Energy Services Company, the Board of Directors of Eversource Energy Services Company (“Board”), the Eversource Plan Administrative Committee (“Administrative Committee), and the Eversource Investment Management Committee (“Investment Committee”) (collectively, “Eversource”). The settlement resolves allegations that Eversource mismanaged the Eversource 401(k) Plan (“Plan”), to the…

August 31

ERISA, Class Action, Employee Benefits, Litigation

Verizon Agrees to $30 Million Settlement in ERISA Class Action

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…

July 27

Class Action, ERISA, Litigation

Yale Agrees to Class Certification in ERISA Class Action Lawsuit

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…

July 21

ERISA

Miller Shah LLP Secures Preliminary Approval of $2.45 Million Settlement in Omnicom ERISA Class Action

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. (“Omnicom” or the “Company”) mismanaged its defined contribution retirement plan (the “Plan”) by subjecting Plan participants to excessive fees and risky, high-cost investment options. The class action began in 2020, when former Omnicom employees Carol…

April 28

Class Action, ERISA

Seventh Circuit Ruling Against Northwestern University Clarifies Pleading Standard for ERISA Fiduciary Duty Claims

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 (“ERISA”). The Court’s ruling reversed and remanded claims the district court…

April 19

Class Action, ERISA

Miller Shah LLP Finalizes $12.5 Million Settlement with Universal Health Services

On March 30, 2023, U.S. District Judge Mark Kearney granted final approval of a $12.5 million settlement (“Settlement”) reached in a class action lawsuit against Universal Health Services, Inc., the Universal Health Services Retirement Plans Investment Committee (“Investment Committee”), and Does No. 1-10, who are members of the Investment Committee or other fiduciaries of the Universal Health Services, Inc. Retirement Savings Plan (“Plan”) (collectively, “Defendants” or “Universal”). The Settlement resolves…

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