A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Cintas Corporation Lawsuit
Plan participants in the Cintas Corporation Partners’ retirement plan allege that Cintas Corporation, its board of directors, retirement plan committee, among others, breached fiduciaries duties to the Plan. More specifically, the defendants are accused of failing to ensure that the plan’s investments were prudent with regard to performance and cost, failing to offer the lowest […]Read More
Rollins/Western Industries Lawsuit
A participant in the Rollins 401(k) Savings Plan has alleged many fiduciary breaches concerning the Rollins Plan as well as that of Western Industries, a wholly owned subsidiary of Rollins – a plan with common fiduciaries, investments and service providers. Claims include failure to prudently select lower cost institutional share classes of investment options for […]Read More
Johns Hopkins University Data Security Lawsuit Settlement
A settlement has been reached in this case in which plaintiffs alleged a fiduciary breach of loyalty and prudence, as the plan fiduciaries allegedly did not protect confidential participant data, allowing the recordkeeper to use such information to sell investment products outside of the plan to plan participants. Participant data included participant ages, size of […]Read More