ERISA Class Action Watch

Fresh ERISA class actions for your enjoyment:\n
\n
Gipson et al v. Wells Fargo Complaint – Wells Fargo is the latest financial corporation accused of self-dealing in selecting mutual funds for its 401(k) plan.
\n
Gray et al v. Citigroup Complaint – Plaintiffs are piling on Citigroup using the now run-of-the-mill stock drop claims.
\n
Proesel v. Colgate-Palmolive Complaint – poker on line gratisparty poker downloadpoker […]

[Read more →]

Gottesdiener has sued a firm for failing to credit participants in a cash balance plan with whipsaw benefit calculations. What’s new, you say? Well, this time the target is none other than Skadden, Arps, Slate, Meagher, and Flom LLP. One way or another, this should be entertaining …

Flagg et al. v. Skadden Arps complaint

[Read more →]

Judge Harold Baer, S.D.N.Y., has partially granted the motion for class certification in the suit against the J.P. Morgan Chase cash balance plan. Notably, Judge Baer excluded all proposed class members who had already received their distribution because, as he reasoned, they lack standing under ERISA. This holding is in direct conflict with recent decisions […]

[Read more →]

This is shaping up to be a bad month for cash balance plans. A class action has been filed against Colgate-Palmolive in the southern district of Ohio alleging that its cash balance plan failed to perform the “whipsaw” calculation required to compute proper lump-sum payments. The complaint states that the proposed class numbers “at least” in […]

[Read more →]

It hasn’t been long since IBM was cleared of allegations that its cash balance plan was age discriminatory, but its cash balance plan is already in court again. This time a purported class action has been filed in the Southern District of New York that alleges that the plan failed to credit benefits that were paid […]

[Read more →]

The SDNY has dismissed all claims in Bryerton v. Verizon. In an opinion heavily informed by the Seventh Circuit’s Cooper decision, Judge Chin reasoned that Verizon’s cash balance plan was not age discriminatory under ERISA because the “inputs” actually increased with age. Unsurprisingly, Gottesdiener is appealing the decision.

[Read more →]