Since the Supreme Court’s ruling in Fifth Third Bancorp v. Dudenhoeffer, courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments...more
The United States Supreme Court has agreed with participants in two 403(b) plans sponsored by Northwestern University that their lawsuit, alleging that plan recordkeeping and investment fees were excessive, should not have...more
Among the many lawsuits Boeing confronted following the disclosure of problems with the 737 Max was a class action brought by participants in the Boeing Voluntary Investment Plan who invested in the Boeing ESOP. The...more
This OnPoint is the first in a series that will examine important trends and developments in class action litigation under the Employee Retirement Income Security Act of 1974 (ERISA). Here, we look at the current litigation...more
The Fifth Circuit in Schweitzer v. Inv. Comm. of Phillips 66 Sav. Plan dismissed claims against 401(k) plan fiduciaries related to allowing plan participants to hold a single stock that was not an employer security as a plan...more
“Employer securities” in retirement plans have been the source of a significant amount of litigation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In general, “employer securities” are...more
The United States Supreme Court, in a per curiam decision, declined to address whether plan participants sufficiently alleged breach of fiduciary duty claims under the Employee Retirement Income Security Act of 1974, as...more
In January, the Supreme Court issued its highly anticipated opinion in Retirement Plans Committee of IBM v. Jander, No. 18-1165, a case that promised to clarify the pleading standard applicable to ERISA stock-drop cases. But...more
Several securities litigation trends over recent years show no signs of abating in 2020. Federal securities class action filings seem likely to remain at elevated levels. Last year, for the third consecutive year, more than...more
The U.S. Supreme Court’s 2019-20 term is receiving substantial attention for cases involving signature initiatives of President Donald Trump’s administration. But the Court also maintains an extensive docket directly relevant...more
Seyfarth Synopsis: The second key trend from our 16th Annual Workplace Class Action Litigation Report involves rulings by the U.S. Supreme Court. Over the past few years, the Supreme Court has issued a number of rulings that...more
Brief Takeaway: Plan sponsors that offer employer stock in their benefit plans can breathe a sigh of relief, as the Supreme Court vacated one of the only plaintiff-friendly rulings in ERISA “stock drop” litigation. ...more
In Retirement Plans Committee of IBM v. Jander, the Supreme Court, in a unanimous opinion, clarified the its opinion in Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. 409 (2014), which set forth the duties that administrators...more
The United States Supreme Court issued a per curiam opinion on Tuesday in Retirement Plans Committee of IBM v Jander, punting back to the court of appeals the determination of whether plan fiduciaries can be liable under...more
On January 14, 2020, the Supreme Court of the United States decided Retirement Plans Committee of IBM v. Jander, No. 18-1165, remanding the case to the Second Circuit Court of Appeals to decide whether to address the views of...more
The U.S. Supreme Court today in Retirement Plans Committee of IBM v. Jander, No. 18-1165 (2020) (per curiam), declined to resolve questions about the pleading standard for a breach of fiduciary duty claim against fiduciaries...more
Recently, the U.S. Supreme Court granted a writ of certiorari to hear Retirement Plans Committee of IBM v. Jander, a case about the legal standard for pleading a claim for breach of fiduciary duties under the Employee...more
On June 4, 2019, the US Supreme Court granted the petition for writ of certiorari of the defendant fiduciaries in Retirement Plans Committee of IBM, et al. v. Larry W. Jander, No. 18-1165. The justices will review the Second...more
Last week, International Business Machines Corp. (IBM) sought Supreme Court review of a Second Circuit decision favoring retirement plan participants claiming the plan’s fiduciaries breached their duty of prudence in failing...more
As we closed the door on 2018, we were met by two surprising decisions—one from a panel of the Second Circuit addressing employer stock drop litigation, and one from a federal district court in Texas declaring the entire...more
The Second Circuit reinstated a claim for breach of fiduciary duty under ERISA brought by participants in IBM’s 401(k) plan who suffered losses from their investment in IBM stock. Jander v. Retirement Plans Committee of IBM,...more
After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more
On August 25, 2016, the U.S. Court of Appeals for the Seventh Circuit, in Allen v. GreatBanc Trust Co., No. 15-3569, 2016 WL 4474730 (7th Cir. 2016), held that (1) the defendant in an ERISA case, rather than the plaintiff,...more
The U.S. Court of Appeals for the Seventh Circuit's Aug. 25, 2016, decision in Allen v. GreatBanc Trust Co., No. 15-3569, made it the first court in a published opinion to expressly reject Fifth Third Bancorp v....more
Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more