ERISA and Fiduciary Class Litigation
An increase in ERISA class action lawsuits claiming breach of fiduciary duty in connection with the administration and operation of 401(k) retirement plans has employers and plan fiduciaries taking notice. These class action cases, buoyed by a series of Circuit Court and United States Supreme Court decisions favorable to employee/participants, focus on the twin fiduciary duties of loyalty and prudence, including employers’ self-dealing with the plan and/or imprudent management of the plan’s investments and expenses.
Our ERISA team regularly provides counsel to management, including preventative advice and litigation defense in class-action matters. ERISA-related liability has become particularly prevalent with defined contribution plans (401Ks), which in comparison to defined benefits plans like pensions, lack the embedded financial incentives for employers to keep costs low and to closely monitor that all investments remains sound.
Our team can help you wade through the complexity of ERISA, and its application to group life, defined contribution, and other benefit plans. Some illustrative examples of how we can help are below.
- Defend ERISA breach of fiduciary class litigation associated with the administration and operation of 401(k) retirement plans, including claims of plan self-dealing, excessive fees, imprudent investments, co-fiduciary liability, failure to vet funds, and plan mismanagement.
- Educate and train on ERISA fiduciary requirements and standards, the various duties imposed by ERISA, and prohibited transactions under ERISA.
- Advise employers and plan administrators on the impact of recent Circuit Court and United States Supreme Court decisions.
- Defend and advise on derivative and/or ERISA-related claims, including claims of retaliation and discrimination in the payment or administration of employee benefits or compensation.
- Develop best practices for risk mitigation and plan management.
Overview of our expertise
- Business Torts
- Class Actions
- Commercial Lending and Real Estate Disputes
- Consumer Fraud
- Contract, Warranty and UCC Disputes
- Environmental Litigation
- ERISA and Employee Benefits Litigation and Compliance
- ERISA and Fiduciary Class Litigation
- Department of Labor Audits ERISA
- Fiduciary and Professional Liability
- Gaming Law
- Information Security and Privacy Claims
- Intellectual Property Disputes
- Shareholder and Partnership Disputes
- Example Business Litigation Cases