Retirement Plan Mismanagement
This settlement resolves a class action brought against BB&T Corporation, BB&T Corporation Employee Benefits Plan Committee, BB&T Corporation Board of Directors, Compensation Committee of the Board of Directors of BB&T Corporation, and a long list of individuals.
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 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.
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).
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.
The complaint alleges NCR made changes in the plan over time concerning the definition of credited service and the requirements for vesting in the plan. The complaint also alleges that NCR attempted to find other ways to remove its obligations to employees and retirees.
This class action lawsuit alleges that Deutsche Bank Americas Holding Corp. and other fiduciaries of the Deutsche Bank Matched Savings Plan breached duties imposed by the Employee Retirement Income Security Act (ERISA) by engaging in prohibited transactions and unlawful self-dealing with regard to selecting investments, to the the detriment of the Plan, its participants and beneficiaries.
This class action lawsuit alleges that Reliance Trust Company, Insperity and related entities breached fiduciary duties owed to participants and beneficiaries of an ERISA-covered 401(k) plan by allowing payment of unreasonable administrative and recordkeeping fees, payment of unreasonable investment management fees, using low-yielding money market funds without considering other options, failing to monitor fiduciaries and engaging in prohibited transactions between the plan and fiduciaries and the plan and parties in interest.
This class action lawsuit alleges that Metropolitan Life Insurance Company ("MetLife") breached its fiduciary duties to ERISA-covered retirement plan clients by failing to disclose key information including the manner in which it sets the internal "crediting rate" used to distribute capital investment income to their accounts.
Novant Health is the target of a class action lawsuit that contends the company charged employees excessive fees in their contribution plans that went to third-party service providers.