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Merrill Lynch Wins Round in WorldCom Litigation
Merrill Lynch won a major round Tuesday in the ongoing ERISA litigation arising from WorldCom's collapse when a federal judge ruled in its favor on a summary judgment motion.
Defense Scores in Pension Plan Stock-Drop Suits
Defense attorneys are hailing recent court victories in ERISA "stock-drop" lawsuits, brought for employees who lost money in retirement plans due to their companies' declining stock price. In the first case to go to trial, a federal judge ruled that US Airways had no duty to change stock holdings of employees who had several investment choices. "There is a trend toward limiting the liability of outside trustees," said Edwin Mills, who recently negotiated a $100 million proposed settlement with Time Warner.Judge Uses Novel Order to Encourage Wider Diversity in Law Firms
After 16 years of observing scores of litigation teams from his seat on the Southern District bench, Judge Harold Baer Jr. has strong views about what is lacking in many law firms: diversity.Duffey Promises New Push to Punish Corporate Fraud
Steve [email protected] YORK-Tom Padgett had lovely plans for his future. After 30 years of working in the petrochemical industry, Padgett had intended to retire last June at age 59. Now he expects to keep working for another 10 years. Padgett had planned to help pay for his grandchildren's college education and to offer financial assistance to other friends and relatives.Plaintiffs counsel defend $42M fees sought in Madoff-related settlement
Plaintiffs attorneys passionately defended their $42 million request for legal fees for their role in reaching a settlement on behalf of investors in Bernard L. Madoff Investment Securities during a March 15 hearing in Manhattan federal court.3rd Circuit: Employees May Sue Under ERISA When Company's Stock Crashes
Participants in 401(k) plans who invested in company stock only to see it plummet have been handed a procedural remedy. The 3rd U.S. Circuit Court of Appeals has ruled that participants can sue when their company's alleged fiduciary violations harm only those who chose the stock option. Deciding an issue that has divided federal courts across the country, the court found that �409(a) of ERISA gives the plaintiffs standing, and that �502(a)(2) allows them to recover damages.
Employees May Sue Under ERISA When Company's Stock Crashes
Participants in 401(k) plans face a smorgasbord of options, some riskier than others. Now, those who invested in company stock only to see it plummet have been handed a procedural remedy. A federal appeals court has ruled that participants can sue when their company's alleged fiduciary violations harm only those who chose the stock option.More from ALM
- Morgan & Morgan Class Action Attorneys Detail Pathway to Success Within Cybersecurity and Data Privacy Practice 1 minute read
- Holwell Shuster & Goldberg Partners Leverage 'Hostile' Witnesses to Secure $101 Million Verdict Against Walmart 1 minute read
- Legal Speak at General Counsel Conference Midwest 2024: Mike Andolina, Partner, White & Case 1 minute read
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