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May 31, 2007 |

401(k) Fee Suits Over High Cost to Employees on the Rise

Litigation concerning excessive administrative fees charged to employees by their 401(k) plans is heating up. Some suits have focused on undisclosed fees charged for mutual funds or annuities. Still others challenge the prudence of employers that invest in funds that charge high fees, even if they're fully disclosed. A claim for excessive fees in 401(k) plans is "like the newest toy in the toy box" for the plaintiffs bar, says Gregory Ash, an attorney who is defending companies against such suits.
5 minute read
May 31, 2007 |

401(k) Fee Suits Over High Cost to Employees on the Rise

Litigation concerning excessive administrative fees charged to employees by their 401(k) plans is heating up. Some suits have focused on undisclosed fees charged for mutual funds or annuities. Still others challenge the prudence of employers that invest in funds that charge high fees, even if they're fully disclosed. A claim for excessive fees in 401(k) plans is "like the newest toy in the toy box" for the plaintiffs bar, says Gregory Ash, an attorney who is defending companies against such suits.
5 minute read
September 02, 2009 |

Former employees settle at $55 million over retirement losses

The suit filed in 2007 alleged the officers and directors of Countrywide violated the Employee Retirement Income Security Act by failing in their fiduciary duty to monitor employee retirement funds held in company stock.
2 minute read
March 26, 2012 |

Bear Stearns' Employees Settle ERISA Lawsuit

A long-running ERISA class action against Bear Stearns ended with a whimper last week when employees who claimed to have lost $215 million when their retirement savings were invested in Bear Stearns stock agreed to settle for $10 million.
2 minute read
December 16, 2004 |

Law Firms Wade In as Pension Fights Accelerate

Employees who squirreled away part of their paychecks for retirement, only to have their plans dashed by stock scandals and employer bankruptcies, are boosting business for attorneys scuffling over who is to blame. Whether the actions involve 401(k) plans or traditional pension plans, an increasing number of attorneys are working on cases where a company retirement well has run low. Yet despite the rush of filings, resolution most likely will be slow in this largely untested area of the law.
8 minute read
September 11, 2006 |

Mirant Agrees to $9.7M Settlement With Workers

Mirant Corp. has agreed to pay $9.7 million to former employees who blamed huge retirement plan losses on the energy marketer's investment of retirement funds in its own stock. The settlement agreement was reached on behalf of "several thousand" Mirant employees who contributed to the energy marketer's employee savings plans between Sept. 27, 2000, and July 22, 2003. Alston & Bird attorneys filed papers on behalf of Mirant outlining the agreement in the U.S. District Court in Atlanta.
4 minute read
April 18, 2003 |

Company that doctored books settles for $18M

1 minute read
September 11, 2006 |

Mirant Agrees to $9.7M Settlement With Workers

Mirant Corp. has agreed to pay $9.7 million to former employees who blamed huge retirement plan losses on the energy marketer's investment of retirement funds in its own stock. The settlement agreement was reached on behalf of "several thousand" Mirant employees who contributed to the energy marketer's employee savings plans between Sept. 27, 2000, and July 22, 2003. Alston & Bird attorneys filed papers on behalf of Mirant outlining the agreement in the U.S. District Court in Atlanta.
4 minute read
April 09, 2010 |

It's BIG, You're in Charge! Firm Picked for Pending Case Against BofA, Citi

A proposed $1 million-plus contract with McGrane Greenfield goes before bankruptcy Judge Dennis Montali next week. Creditors want the San Francisco litigation firm to recover money Heller Ehrman paid Bank of America and Citibank.
2 minute read

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