11 results for 'cat:"ERISA" AND cat:"Fiduciary Duty" AND cat:"Class Action"'.
J. Tunheim largely denies the employer's motion for summary judgment in its employee's suit alleging that it invested employees' 401(k) savings in underperforming funds for over a decade. The employer did not breach any enforceable portion of its Investment Policy Statement, so a count alleging breach of that policy is dismissed, and the employer's Board of Directors are dismissed as defendants because they were not functional fiduciaries and had no duty to monitor the fund. Genuine disputes remain as to the employee's other claims, and they survive "because a reasonable trier of fact could easily find" that the employee caught the employer "with its hand in the cookie jar."
Court: USDC Minnesota, Judge: Tunheim, Filed On: March 12, 2024, Case #: 0:21cv1049, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action
J. Conley grants the retirement plan administrators' motion to dismiss the beneficiaries' class action claiming the administrators breached their fiduciary duties by selecting and retaining investments in index funds that perform poorly compared to other available funds. In part because the beneficiaries have failed to prove the disputed investments were made outside the administrators' "reasonable judgment," and because the investments did not always perform poorly during the class period, the beneficiaries have failed to a state a viable claim for breach of fiduciary duty. The beneficiaries' complaint is dismissed without prejudice, and they are given until February 26, 2024, to file an amended complaint, should there be a good-faith reason for it.
Court: USDC Western District of Wisconsin, Judge: Conley, Filed On: January 26, 2024, Case #: 3:22cv449, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action
J. Brennan grants the ERISA plan administrator's motion to dismiss, ruling its failure to transfer assets from certain passively managed investment funds cannot support a fiduciary duty claim because the comparator evidence from the participants involves actively managed funds. Meanwhile, the participants' failure to cite any similar funds with lower management fees requires dismissal of the claim for excessive fees under ERISA.
Court: USDC Northern District of Ohio, Judge: Brennan, Filed On: December 4, 2023, Case #: 1:21cv256, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action
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J. Lungstrum grants a class of employees' motion for final approval of a class action settlement. The class, which brought claims under ERISA, sufficiently showed in court that Coca Cola breached its fiduciary duty when it imposed record-keeping fines on employees' benefits.
Court: USDC Kansas, Judge: Lungstrum, Filed On: September 18, 2023, Case #: 2:21cv2054, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action
J. Bredar denies a health care provider its motion to exclude an expert’s testimony in an ERISA suit brought by a class of former employees. The ERISA plan has over 25,000 participants and total assets of almost $1.8 billion, and the class claims the provider has not monitored the plan properly. The expert based his opinion about the alleged financial losses on a reliable method which he correctly applied. The class is also granted leave to file a second amended complaint so it can include relevant information found upon discovery.
Court: USDC Maryland, Judge: Bredar, Filed On: August 10, 2023, Case #: 1:20cv1984, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action
J. Dooley denies the insureds' motion for class certification, ruling that differences in the various policies prevent finding a common answer as to whether the insurer overcharged the class members for medical equipment. Although some or many of the policies may have similar payment structures and provide the type of commonality required, too many individualized inquiries will be required to allow the court to properly analyze the questions presented by the lawsuit.
Court: USDC Connecticut, Judge: Dooley, Filed On: July 6, 2023, Case #: 3:17cv1693, NOS: Employee Retirement Income Security Act (ERISA) - Labor, Categories: erisa, fiduciary Duty, class Action