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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Boos v. AT&T Complaint (Part 1)
Boos v. AT&T Complaint (Part 2)
Boos v. AT&T Complaint (Part 3)

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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

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An Iowa plaintiffs’ firm has filed suit in the S.D. Iowa against Principal Financial Group on behalf of participants in 401(k) plans to which Principal provided bundled services. The purported class action alleges that a Principal subsidiary advises participants in retirement plans serviced by Principal that they should rollover their retirement assets to a Principal IRA […]

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A new suit brought by former employees of Coopers & Lybrand alleges that PricewaterhouseCoopers improperly denied them credit for service with a predecessor employer. The Gottesdiener Law Firm is counsel for plaintiffs.

Wyatt v. PricewaterhouseCoopers complaint

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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 […]

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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 […]

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An action has been filed in the District of Connecticut against Deloitte & Touche that alleges that defendants failed to credit plaintiffs with pre-participation service when computing their pension benefits. This allegedly cost the purported class (said to number in the thousands) the benefit of between 12 and 18 months of service. The complaint is somewhat interesting […]

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Retirement plan fees are a very hot topic among employers. More than a dozen class action lawsuits involving 401(k) fees have been filed in the last twelve months. These suits allege that 401(k) plan sponsors violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by allowing their plans to offer […]

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