ERISA

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.

Read More

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.

Read More

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. 

Read More

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. 

Read More

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.

Read More

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.

Read More

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.

Read More