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Employee Benefits › Class Action › Forfeiture

Bond Schoeneck & King PLLC

401(k) Forfeiture Litigation: Implications for Plan Sponsors

Bond Schoeneck & King PLLC on

Background - In a wave of class-action litigation beginning around 2023, plaintiffs have alleged violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA) and prohibited transaction rules in...more

Mayer Brown

The Current State of the Law in ERISA Forfeitures Cases

Mayer Brown on

Since September 2023, ERISA plaintiff’s firms have filed approximately 60 class action lawsuits challenging the longstanding practice of plan sponsors using plan forfeitures to offset their employer contributions in 401(k)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Northrop Grumman is target for another Schlicter case

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

If there’s a Mount Rushmore of ERISA class-action litigators, you better believe Jerry Schlichter’s face is carved into it—probably right next to a 408(b)(2) disclosure and a stack of mutual fund fee charts. And once again,...more

Morris, Manning & Martin, LLP

What is an Improper Use of Forfeiture Case Worth? Intuit Settlement Provides Perspective

Morris, Manning & Martin, LLP on

On Friday, May 16th, plaintiff’s counsel in the Rodriguez v. Intuit Inc. case filed a motion to support a settlement of $1,995,000.  The motion appears to reflect a good compromise between the parties … and as they say, a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Schlicter targets Charter in Forfeiture case

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Schlichter Bogard, LLC represents participants of the $7 billion Charter Communications, Inc. 401(k) Savings Plan in a class action against Charter Communications, Inc....more

Holland & Knight LLP

Northern District of California Dismisses 401(k) Forfeiture Suit with Prejudice

Holland & Knight LLP on

In Hutchins v. HP Inc., the U.S. District Court for the Northern District of California dismissed – with prejudice – the plaintiff's claims challenging the use of forfeited employer 401(k) contributions. This is the latest...more

Carlton Fields

Practical Thoughts for Sponsors About Current ERISA Forfeiture Litigation

Carlton Fields on

A notable trend in ERISA litigation has emerged as in-house attorneys look to mitigate the risks of coming waves of class action litigation. Beginning in late 2023, there have been several challenges to the use of forfeiture...more

The Wagner Law Group

Forfeiture Cases – Update

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by applying forfeitures to reduce employer...more

Proskauer - Employee Benefits & Executive...

District Court Dismisses Challenge to Use of Plan Forfeitures

Proskauer - Employee Benefits & Executive... on

A federal district court recently granted a motion to dismiss claims that defined contribution plan fiduciaries breached their fiduciary duties of loyalty and prudence, and violated ERISA’s anti-inurement and prohibited...more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

Neal, Gerber & Eisenberg LLP on

Use of Forfeitures for Safe Harbor Contributions, QNECS and QMACS - The Internal Revenue Service (IRS) recently issued final regulations allowing forfeitures in 401(k) plans to be used to fund safe harbor contributions,...more

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