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Category Archives: ERISA
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. ERISA is…
Employees Sue Microsoft for Investing in Inferior 401(k) Funds
On August 2, 2022, Justin Beldock, Gordon Broward, and Shaadi Nezami (collectively, “Plaintiffs”) filed a complaint on behalf of themselves and similarly situated class members against their former employer, Microsoft Corporation (“Microsoft”), in the United States District Court for the Western District of Washington. Microsoft is the plan sponsor for the Microsoft Corporation Savings Plus 401(k) Plan (“the Plan”). As of December 31, 2020, the Plan had over 135,000 participants…
Rush University Medical Center Shells Out $2.95M in ERISA Settlement
On June 27, 2022, counsel for the proposed class and counsel for Defendants Rush University Medical Center (“RUMC”), the Board of Trustees of Rush University Medical Center, the Rush University Medical Center Investment Committee, and the Rush University Medical Center Administrative Committee (collectively, “Defendants”) jointly filed a status report notifying the court that they reached a settlement in their 401(k) plan mismanagement litigation. According to the settlement agreement, RUMC will…
Eversource Judge Denies Motion for Summary Judgment
On July 29, 2022, the Honorable Janet C. Hall, a district judge in the United States District Court for the District of Connecticut, denied Defendants’ multipronged motion for summary judgment in its entirety. This denial comes shortly after the Court granted Plaintiffs’ motion for class certification in May. In moving for summary judgment, Defendants sought to establish that they were entitled to judgment as a matter of law because the…
Court Certifies 9,000-Member Class in ERISA Lawsuit Against IQVIA
On May 12, 2022, a District Judge in the United States District Court for the Middle District of North Carolina certified a class of over 9,000 members in a lawsuit against IQVIA Inc., the Board of Directors of IQVIA Holdings, Inc., and the Benefits Investment Committee (collectively, “IQVIA,” the “Company,” or “Defendants”). The Court defined the Class as all participants and beneficiaries in the IQVIA, Inc. 401(k) Plan (the “Plan”)…
Court Grants Class Certification in Eversource ERISA Lawsuit
On May 25, 2022, a District Judge for the District of Connecticut certified a class of over 11,000 current and former participants of the Eversource 401(k) Plan (“Plan”) in an ERISA lawsuit against Eversource Energy Services Company (“Eversource”), the Board of Directors of Eversource Energy Service Company, the Eversource Plan Administration Committee, and the Eversource Investment Management Committee (collectively, “Defendants”), alleging mismanagement of the Plan. Eversource is the plan sponsor…
Sixth Circuit Affirms Denial of Defendants’ Motion to Compel Arbitration
On April 27, 2022, the United States Court of Appeals for the Sixth Circuit affirmed the United States District Court for the Southern District of Ohio’s denial of a motion to compel arbitration, holding that the Cintas Partners’ Plan (the “Plan”) had not consented to arbitration, and, therefore, there was no basis for the Plaintiffs’ claims to be arbitrated. Plaintiffs Raymond Hawkins and Robin Lung originally filed the action in…
Fidelity to Allow Bitcoin Allocation in 401(k) Accounts
On April 26, 2022, Fidelity Investments, Inc. (“Fidelity”) announced that it will offer Bitcoin for employers to include as an investment option in their 401(k) plans. Fidelity will be the first major retirement plan service provider to offer crypto currency. This move comes after the Employee Benefits Security Administration (“EBSA”), an agency within the Department of Labor (“DOL”), published Compliance Assistance Release No. 2022-01 (“Release”) on March 10, 2022. In…
Universal ERISA: Miller Shah LLP Secures Victory at Third Circuit for 401(k) Participants
On June 1, 2022, the United States Court of Appeals for the Third Circuit upheld the United States District Court for the Eastern District of Pennsylvania’s decision to certify a class of more than 60,000 participants in a lawsuit against Universal Health Services Inc. ("UHS”) and the UHS Retirement Plan Investment Committee (together, “Universal” or “Defendants”) regarding the alleged mismanagement of the UHS Retirement Savings Plan (the “Plan”). Universal, like…
Employees Sue Fluor Corporation Over Excessive 401(k) Fees
On April 5, 2022, Deborah Locascio and David Summers (“Plaintiffs”) filed an amended complaint against their former employer, Fluor Corporation (“Fluor”), and Mercer Investments (“Mercer”) in the United States District Court for the Northern District of Texas. Fluor is the plan sponsor for the Fluor Corporation Employees’ Savings Investment Plan (the “Plan”). As of December 31, 2020, the Plan had more than 15,000 participants with account balances and assets totaling…
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