A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Home Depot Lawsuit Update
Allegations against the defendants in this case, Financial Engines Advisors, Alight Financial Advisors and persons representing each of these firms, have been dismissed, while allegations against Home Depot defendants will proceed. Plaintiffs allege that in addition to the selection of “poorly performing funds” in the Home Depot Futurebuilder 401(k) Plan, Home Depot allowed hired investment […]Read More
Safeway, Aon Hewitt Excessive Fee Lawsuit Settlement
A final settlement has been reached in this case, reported late last year, with both defendants, Safeway and Aon Hewitt, agreeing to pay a combined $8.5 million. Plaintiffs claimed that the companies mismanaged their retirement savings by offering and /or advising excessively expensive target date investment options in the $1.9 billion Safeway 401(k) Plan. The […]Read More
Abbott Labs Cybersecurity Lawsuit Update
This lawsuit, as first reported on here, alleges that numerous fiduciary failures led to unauthorized distributions totaling $245,000 from the plaintiff’s account in the Abbott Laboratories Stock Retirement Plan. The Court ruling dismissed Abbott Laboratories from the lawsuit on the basis that the plaintiff failed to sufficiently prove that Abbott Labs meets the statutory definition […]Read More