Happy New Year, ERISA Watchers! We were scheduled to be off this week but with good news on the ERISA remedies front, I could not resist. This week’s notable decision, Laurent v. PricewaterhouseCoopers LLP, No. 18-487-CV, __F.3d__, 2019 WL 7042414 (2d Cir. Dec. 23, 2019), is more fruit from Amara’s labor. In a
Court Holds No Seventh Amendment Right to Jury Trial for ERISA Breach of Fiduciary Duty Claims
This week’s notable decision is Moitoso v. FMR LLC, No. CV 18-12122-WGY, __ F.Supp.3d __, 2019 WL 4980390 (D. Mass. Oct. 8, 2019), where the court concluded that any money award the ERISA plan participants might win against the alleged breaching fiduciaries would be an equitable surcharge–not legal damages–such that the Seventh Amendment does not require a jury trial in this case. Even so, the court did grant Plaintiffs’ alternative request for an advisory jury. The court’s conclusion is not extraordinary; indeed, most courts to have considered the right to a jury in a fiduciary breach case have concluded the same. What’s interesting about this decision is the depth of the court’s analysis of the historical practice of jury trials and ERISA’s text in rejecting the participants’ arguments in favor of a jury trial for their claims.
Continue Reading Court Holds No Seventh Amendment Right to Jury Trial for ERISA Breach of Fiduciary Duty Claims
Court Holds that Detrimental Reliance Is Not Needed for Class-Wide Relief and Certifies ESOP Class
Good morning, ERISA Watchers! Now that USA has just won its fourth FIFA Women’s World Cup title, I’m bringing you more good news in this week’s notable decision: Cunningham, et al. v. Wawa, Inc., et al., No. 2:18-cv-03355-PD (E.D. Pa. July 2, 2019). In Cunningham, the court granted Plaintiffs’ motion to certify a class of Employee Stock Ownership Plan (“ESOP”) participants. In their ten-count complaint, Plaintiffs claim that Defendant Wawa violated ERISA in several ways by amending the ESOP in a manner which took away their right to hold Wawa stock through age 68 and forced them to sell their shares at an unfair price. Plaintiffs moved to certify a class and two subclasses of over one thousand participants who were adversely impacted by the amendments.
Continue Reading Court Holds that Detrimental Reliance Is Not Needed for Class-Wide Relief and Certifies ESOP Class