Falberg v. The Goldman Sachs Grp., No. 19 Civ. 9910 (ER), 2022 WL 4280634 (S.D.N.Y. Sep. 14, 2022) (Judge Edgardo Ramos)
Fee cases continue to dominate the world of ERISA pension litigation. In this week’s case of the week, Goldman Sachs obtains a complete and somewhat surprising win on summary judgment in a proposed
Plaintiffs prevailed in this week’s two notable decisions, but not entirely. In the first decision, the Sixth Circuit allowed a portion of a pension case alleging excessive investment fees to proceed. In the second case, the Fourth Circuit addressed welfare plan vesting and found, under the highly unusual circumstances of the case, some retirees could proceed with their claim for life insurance benefits.
Continue Reading Sorry ABBA, No Winner Takes It All In These Two Cases of the Week
Reetz v. Lowe’s Companies, Inc., No. 5:18-CV-00075-KDB-DCK, 2021 WL 4771535 (W.D.N.C. Oct. 12, 2021) (Judge Kenneth D. Bell).
This week’s notable decision is a surprising loss for participants in Lowe’s 401(k) pension plan against the plan’s investment manager, Aon Hewitt Investment Consulting, following class certification, success on summary judgment, and a multi-million-dollar, court-approved settlement with Lowe’s inside fiduciaries.
Plaintiff Benjamin Reetz, a former Lowe’s employee and 401(k) plan participant, brought suit against Lowe’s, the administrative committee of the plan, and Aon, claiming numerous breaches of fiduciary duty with respect to Aon’s design and implementation of a new investment strategy and line-up for the plan. Following class certification, plaintiff’s claims against Lowe’s and the administrative committee were resolved through a class action settlement totaling $12.5 million. But the claims against Aon proceeded to a bench trial.
Continue Reading Lowe’s 401(k) Participants Lose at Trial After Winning Every Battle