A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Cerner Corporation Excessive Fee Lawsuit
This is the second lawsuit against Cerner Corporation involving the same plaintiff. The original case alleged that fiduciaries of the $2 billion Cerner Corporation Plan did not exercise sufficient bargaining power in efforts to reduce plan expenses or “scrutinize” the prudence of the investment options in the Plan. The defendants are also accused of operating […]Read More
Estee Lauder 401(k) Plan Lawsuit / Settlement
A former participant in the Estee Lauder 401(k) Plan has filed a lawsuit against the recordkeepers, both prior and current, – Alight Solutions and Hewitt Associates respectively – and the Plan’s custodian, State Street Bank & Trust, claiming fiduciary breaches for unauthorized account activity, amounting to three different incidences of account distributions, reducing a $99,000 […]Read More
Abbott Laboratories 401(k) Plan Security Breach
A lawsuit filed on behalf of a former Abbott Laboratories 401(k) Plan participant alleges a fiduciary breach by Abbott Labs and the Plan’s recordkeeper, Alight Solutions, LLC. More specifically, the defendants are accused of a failure to enforce a security protocol for the plaintiff’s accounts as well as failure to communicate changes to the account […]Read More