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Breach of Fiduciary Duty

GE Logo

The complaint for this class action alleges that General Electric put too little aside in reserves for its insurance companies and thereby falsely inflated its earnings and stock price. But this is not a brought by stockholders as a securities case; it’s brought by participants in the GE Retirement Savings Plan under the Employee Retirement Income Security Act (ERISA).

Minnesota Life Insurance Logo

This class action is a complicated one, involving income streams arranged for consumers by an insurance company and used to fund life insurance policies. Minnesota Life Insurance Company should have known that the plan was flawed from the beginning, the complaint claims, and should never have recommended it to their customers.

McBride & Sons Sign on Building

Why would a company retirement plan sell securities at below fair market value? The complaint for this class action alleges that company insiders, some of whom had fiduciary duties to the plan, stood to benefit from the sales—unlike the participants in the plan, who suffered damages. The complaint brings claims under the Employee Retirement Income Security Act of 1974 (ERISA). 

Verizon Logo

Verizon Communications, Inc. maintains four participant-directed, defined-contribution 401(k) retirement plans for its employees, with more than $30 billion in assets. The complaint for this class action alleges that Verizon and the other defendants in this case breached their fiduciary duties in their handling of the investments in the plans, with overly-complex, risky, and inappropriate investment options. 

Frontier Communications Van

This class action concerns the investments in the Frontier Communications 401(k) Savings Plan. The complaint alleges that Frontier Communications Corporation  and its Retirement Investment & Administration Committee did not fulfill their fiduciary duties to the plan, including maintaining adequate diversification, thus violating the Employee Retirement Income Security Act (ERISA).

ConAgra Logo

Over the years, as companies sell out and merge and change identities, their internal plans can suffer changes. Plaintiff Vicki Michael worked in the same processing plant from 1974 to 2016, and she wants the retirement benefits she was promised when she began working there. But the complaint for this class action claims that company changes are unfairly depriving her of those benefits, in violation of the Employee Retirement Income Security Act (ERISA).

Bank of New York Mellon

Bank of New York Mellon is trustee for a trust established by the grandmother and great-grandmother of the plaintiffs in this case. BNY Mellon made poor investments, favoring an affiliate’s mutual funds, the complaint says, when better choices would have earned the trust another $100,000 in income or appreciation in the last five years alone. The complaint’s sole claim is the BNY has breached its fiduciary duty. 

Letters "ERISA" and Seal of US Department of Labor

The investments in the FirstGroup America, Inc. Retirement Savings Plan were doing fine in 2013, according to the information in the complaint for this class action. However, the complaint alleges that in September of that year, the investment options in the plan were replaced with newer, untried options which the complaint says has benefitted only the plan’s consultant, Aon Hewitt Investment Consulting, Inc. This, the complaint says, breaches fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA). 

Fujitsu Building

This settlement resolves a class action against Fujitsu Technology and Business of America, Inc. Shepher Kaplan, LLC, and others with a fiduciary relationship with the Fujitsu Group Defined Contribution and 401(k) Plan.

American Airlines Airplane

American Airlines is settling a class action with a $22,000,000 settlement fund for over 100,000 current and former members of its 401(k) plan.