On October 12, 2021, Aon Hewitt Investment Consulting, Inc. (“Aon”) defeated a class action in the Western District of North Carolina brought by nearly 250,000 current and former Lowe’s Companies, Inc. (“Lowe’s”) employees who were participants in Lowe’s 401(k) retirement
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Motion for Class Certification Denied: Plaintiff Who Released ERISA Claims Deemed Unfit to Lead Class
Can a former employee serve as a class representative for ERISA claims when she has signed a general release agreement and has waived her right to participate in class actions? According to a recent decision by the District Court for…
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‘Segal Blend’ Withdrawal Liability Calculation Violates ERISA, Court Holds in Milestone Decision
The use of the “Segal Blend” to calculate a company’s withdrawal liability when it withdrew from a multiemployer pension plan violated the Employee Retirement Income Security Act (ERISA), as amended by the Multiemployer Pension Plan Amendments Act (MPPAA), because it…
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Ohio District Court Dismisses ERISA 401(k) Performance and Fee Putative Class Action
The District Court for the Southern District of Ohio recently dismissed an ERISA putative class action lawsuit asserting fiduciary duty claims based on allegations of unreasonably high administrative fees and relatively higher-cost, underperforming funds offered in TriHealth, Inc.’s 401(k) plan…
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401(k) Fee Class Action Against Oshkosh Corporation Dismissed with Prejudice
Recently, the United States District Court for the Eastern District of Wisconsin granted a Motion to Dismiss, dismissing ERISA breach of fiduciary duty claims, failure to monitor claims, and prohibited transaction claims in a putative class action involving Oshkosh Corporation’s…
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Second Circuit Revives Share-Class Claim in NYU Retirement Plan Class Action
In Sacerdote v. New York University, a class of university employees who participated in Defendant’s 403(b) plans brought ERISA breach of fiduciary duty claims against Defendant, challenging the administration of its retirement plans. The district court dismissed two claims and…
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Third Circuit Upholds Withdrawal Liability Arbitral Award Under MPPAA’s Evade or Avoid Provision
Under the provisions of the Employee Retirement Income Security Act (“ERISA”) as modified by the Multiemployer Pension Plan Amendments Act of 1980 (“MPPAA”), an employer who withdraws from a multiemployer pension plan is liable for their allocable share of any…
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United States District Court Dismisses 401(k) Plan Recordkeeper Fee Complaint
Recently, the United States District Court for the Western District of Pennsylvania granted a Motion to Dismiss, dismissing ERISA breach of fiduciary duty claims based on excessive recordkeeping fee allegations. The district court addressed the level of detail plaintiffs must…
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Seventh Circuit Revives State Law Claims Against Executives Acting As “Dual-Hat” Fiduciaries
The Seventh Circuit ruled recently that ERISA does not preempt certain state law claims against directors and officers because ERISA’s text and purpose contemplate parallel corporate state-law liability against executives who act as “dual hat” fiduciaries.
In Halperin v. Richards,…
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Successor Liability Claims Found Insufficient to Establish Federal Question Jurisdiction
As a general rule, an asset purchaser does not assume the seller’s liabilities, including its ERISA obligations. Courts, however, have formulated an exception to this general rule via the doctrine of successor liability. Successor liability is an equitable doctrine requiring…
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