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.
On September 22, 2022, a District Judge in the United States District Court for the Northern District of California certified a class of over 30,000 people in a lawsuit against Genentech, Inc., and the U.S. Roche DC Fiduciary Committee.
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.
On August 1, 2022, Michael Tullgren filed a complaint on behalf of himself and similarly situated class members against Booz Allen Hamilton Inc. in the United States District Court for the Eastern District of Virginia.
On August 1, 2022, Andre Hall and Jermaine Minitee (collectively, “Plaintiffs”) filed a complaint on behalf of themselves and similarly situated class members against Capital One Financial Corporation in the United States District Court for the Eastern District of Virginia.
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.
The Settlement amount covers monetary relief to the class members, awards to the lead plaintiffs, and attorneys’ fees and expenses.
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.
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”).
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.