ERISA Class Action Watch

The RadioShack 401(k) Plan and ESOP are being sued in the Northern District of Texas. A brief look at the complaint shows that this is primarily a company stock drop suit. These suits are becoming as routine as shareholder derivatives following a stock decline, but two things stand out in this complaint:

Although RadioShack stock has […]

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In addition to the widely discussed fee suits involving classes of participants, several purported class actions have recently been filed involving classes of plans. In Beary v. Nationwide, Beary v. ING, and Ruppert v. Principal Life, plaintiffs have accused insurance companies of breaching their fiduciary duties by accepting revenue sharing payments. The suits against Nationwide […]

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Below are orders on motions to dismiss from Schlichter 401(k) fee cases:

Boeing
Exelon (it’s short!)
Kraft
Northrop Grumman

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CIGNA has moved to dismiss the suit against it for excessive 401(k) fees. It argues that Schlichter’s complaint demonstrates its complete compliance with ERISA Section 404(c), and that therefore there cannot have been a breach of fiduciary duty. It is fairly unlikely that this motion will succeed, but it does raise an argument that defendants […]

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Montoya v. ING – An offshoot of Spitzer’s investigations against ING and the New York State United Teachers. Participants claim that ING paid NYSUT kickbacks to push ING’s 403(b) products.
Boeckman v. A.G. Edwards – Participants allege that A.G. Edwards selected fee-intensive retail mutual fund shares fots it plan when it could have invested more cheaply by buying institutional shares or […]

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Below are links to all the 401(k) fee complaints filed by Schlichter, Bogard, & Denton in PDF format.  The links are arranged by the court in which the cases are presently being heard — several have been transferred since being filed. The captions include only the main corporate defendant, except for the three cases in which […]

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