News & Analysis as of

401k Settlement

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

UnitedHealth settles for $69 million

When a $69 million settlement drops, it’s more than just a corporate write-off—it’s a signal flare in the murky world of fiduciary responsibility. UnitedHealth Group, one of the largest health care conglomerates in the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

United Health is latest 401(k) forfeiture lawsuit

UnitedHealth Group is the latest big-name employer to get hit with a class action lawsuit over how it handles 401(k) forfeitures. The case, Kotalik et al. v. UnitedHealth Group Inc., accuses the company and its plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Whole Foods settles class action case

Whole Foods Market has agreed to settle a class-action lawsuit that alleged the company failed to prudently manage the administrative fees of its $1.9 billion 401(k) plan, resulting in millions in losses for employees....more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - April 2025

The April Monthly Minute showers readers with some eye-opening case law updates, ranging from a $38.8M jury verdict in a 401(k) fee case, to a pair of cases involving Elevance (f/k/a Anthem) health plan coverage exclusions....more

Groom Law Group, Chartered

Cunningham v. Cornell: Supreme Court Lowers Bar for ERISA 406(a) Claims

On April 17, 2025, the Supreme Court ruled in Cunningham v. Cornell University that, to state a claim under ERISA section 406(a), plaintiffs need only allege the elements contained in section 406(a). Prior to the Supreme...more

Morris, Manning & Martin, LLP

From Stable to Shaky: What Bed Bath & Beyond’s Settlement Means for Retirement Plan Sponsors

In February, Bed Bath & Beyond, Inc.’s 401(k) Savings Plan Committee (the “Plan Committee”) agreed to pay $1,950,000 to participants in the Bed Bath & Beyond, Inc. 401(k) Savings Plan (the “Plan”) whose accounts were invested...more

Alston & Bird

Class Action & MDL Roundup 2022 Q3 – Directing Physical Loss and Damage

Alston & Bird on

Welcome back to the Class Action & MDL Roundup! This edition covers notable class actions from the third quarter of 2022. In this edition, all dog stairs go to heaven, the Third Circuit resets Article III standing, and...more

Foley & Lardner LLP

SEC Adds Twenty New Crypto Asset Enforcers

Foley & Lardner LLP on

The Securities and Exchange Commission (SEC) recently announced that it will be adding 20 positions to its newly renamed Crypto Assets and Cyber Unit, including fraud analysts, investigative staff attorneys, trial counsels,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Invesco to settles lawsuit concerning their 401(k) plan

As I always say, being a mutual fund company with proprietary funds in their 401(k) plan makes them a target....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

MFS is latest proprietary fund settlement

Massachusetts Financial Services Co. (MFS) has reached a settlement of nearly $7 million in a lawsuit alleging that the company enriched itself at the expense of its employees’ retirement savings by loading its 401(k) plans...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BB&T settles 401(k) lawsuit

With a planned merger with SunTrust, BB&T tied up a loose end by agreeing to a $24 million settlement on a class action lawsuit filed against them over their 401(k) plan....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Settlements should encourage vigilance

While 2018 may have had less 401(k) litigation than the previous year, there was more than $90 million in settlements....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Edward Jones Forks over $3 million in 401(k) lawsuit

Edward Jones is going to pay $3.2 million to settle a lawsuit alleging they were using investments in the 401(k) plan to enrich themselves....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fidelity sued again over their 401(k) plan

I have always been concerned about the use of proprietary funds, especially belong to mutual fund companies and their use in their own 401(k) plans because they’re ripe to be a target for a class action lawsuit. Fidelity...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Problem With Providers Using Their Own Funds In Their 401(k) Plan

I always say that I come up with many ideas, but most of them are bad. Seriously, there are so many bad ideas out there in the 401(k) space and one of the really bad ideas out there are bundled plan providers using their own,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Providers and their Plans

I love Clint Eastwood movies and one favorite is “In The Line of Fire’. John Malkovich is playing a wannabe Presidential assassin named Leary and Clint is playing Frank Horrigan, the Secret Service agent who is trying to...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - March 2016

Proskauer Rose LLP on

Editor’s Overview - This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more

Goodwin

Plan Sponsor Agrees to $62 Million Settlement in ERISA Case Challenging 401(k) Plan Fees

Goodwin on

Lockheed Martin Corp. has settled the 401(k) excessive fee litigation pending against it in federal court in Illinois....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Lockhead Martin and the Trickle Down Effect

Lockhead Martin settled their excess fee lawsuit concerning their 401(k) plan by making a $62 million settlement with plan participants. That is probably the highest excess fee settlement on record. I know how people think...more

Ballard Spahr LLP

Investment Management Update

Ballard Spahr LLP on

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

Perkins Coie

Revlon “Ring-Fencing” Settlement: Greater Risk Of SEC Enforcement Activity In Going Private Transactions?

Perkins Coie on

On June 13, 2013, the Securities and Exchange Commission announced the settlement of administrative proceedings against Revlon, Inc. In the settlement order, the SEC asserted that the company hid information regarding a 2009...more

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