A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
PBGC Lawsuit Against Idaho Hyberbarics Inc.
During the Pension Benefit Guaranty Corporation’s (PBGC) audit of the Idaho Hyberbarics Inc. (IHI) defined benefit (DB) plan, it was determined that a full distribution of plan assets to plan participants was not made in a timely manner. Further, it was also determined that IHI did not pay participants the full value of their annuity […]Read More
Hewlett-Packard Stock Drop Suit
This case was originally dismissed by the district court, and appealed to the U.S. Court of Appeals for the 9th Circuit. The suit claims that Hewlett Packard (HP) 401(k) Savings Plan fiduciaries breached their duties by allowing the Plan and its participants ‘“to purchase and hold HP common stock when the stock was artificially inflated […]Read More
Vantage Benefit Administrators FBI Probe
This Dallas-based “full service employee benefits consulting firm”, as it marketed itself, specialized in corporate benefit programs, with an emphasis on plans with less than $10 million in assets. Vantage was searched under warrant by the FBI amid ‘“concerns that money may be missing from retirement accounts the company manages.”’ At least one Vantage client […]Read More