ERISA Class Action Watch

Fresh ERISA class actions for your enjoyment:\n
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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.
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Gray et al v. Citigroup Complaint – Plaintiffs are piling on Citigroup using the now run-of-the-mill stock drop claims.
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Proesel v. Colgate-Palmolive Complaint – poker on line gratisparty poker downloadpoker […]

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Rosen Preminger & Bloom has brought a suit against Citigroup in the SDNY. The complaint alleges that self-dealing by Citigroup caused Citigroup 401(k) Plan participants to pay excessive fees and suffer inferior returns: Leber v. Citigroup Complaint 
Macy’s has been hit with a company stock drop suit in Ohio: Shanehchian v. Macy’s Complaint

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Judge Posner has issued an opinion in the Guidant company stock drop case. The substantive holding of the opinion is that plaintiffs do not surrender standing to sue a defined contribution plan merely by liquidating their accounts. But Posner also includes so not-too-subtle commentary about the economically irrational attitude of many stock drop class actions.

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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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