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Breach of Fiduciary Duty

Statement for 401(k) Plan

This settlement resolves a class action against ATH Holding Company, LLC, its Board of Directors, and its Pension Committee. The complaint alleged that these parties violated the Employee Retirement Income Security Act (ERISA) in their management, operation, and administration of the Anthem 401(k) Plan.

Hand Holding Slip of Paper Saying, "401K"

This class action concerns the Compass SmartInvestor 401(k) Plan. The complaint alleges that BBVA Compass Bancshares, Inc., Compass Bancshares, Inc., and BBVA USA Bancshares, Inc.—the companies with responsibility for the plan—did not do their fiduciary duty to the plan, violating the Employee Retirement Security Act (ERISA). 

“A life settlement is a transaction in which an insured person sells his or her life insurance policy to a third party,” explains the complaint for this class action. Life settlements are at issue in this case for “fraud, conspiracy, aiding and abetting, civil theft, and breach of fiduciary duty,” against defendants Conestoga Settlement Services, LLC, Conestoga International, LLC, Conestoga Trust Services, LLC, Michael McDermott, Provident Trust Group, LLC, LLC Bradford and Company, LLC, and Strategix Solutions, Ltd.

Alaska Airlines Plane, Gaining Altitude, with Mountains in the Background

Has Alaska Airlines, Inc. been deceiving passengers about purchase of travel insurance from Allianz Global Assistance (AGA) via Alaska’s website? The complaint for this class action claims that the airlines portrays itself as a passenger’s agent, when in reality, AGA pays Alaska kickbacks.

JPMorgan Chase Building

JPMorgan Chase & Co. and other JPMorgan companies are settling class actions alleging they violated provisions of the Employee Retirement Income Security Act (ERISA) and breached their fiduciary duties for the way they managed 401(k) investments in certain JPMorgan Stable Value Funds.

Providence's Office Park in Oregon

Providence Health & Services is electing to settle a class action claiming it violated its fiduciary duties with respect to tis 401(a) Service Plan, its Multiple Employer 401(k) Plan, and its 403(b) Value Plan. The complaint alleged that those in charge of the plan made imprudent selection of investment options when there were superior, less expensive options available.

What would you think of a pharmacy that suggested your doctor to prescribe a medication for you—without even speaking to you about it first? That’s what this complaint claims CVS Pharmacy, Inc. and two associated companies have done in order to increase their sales.

Clock, Pile of Coins, and Hand Putting Coins in Jar

Entities that handle retirement plans have a fiduciary duty to the plan and its participants. However, the complaint for this class action alleges that West Corporation and the Retirement Committee of the West Corporation Employee 401(k) Retirement plan did not fulfill the duties of a fiduciary because they permitted fees for the plan to be too high. 

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.

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