In a notable development within the financial legal sphere, U.S. District Judge Angel Kelley has permitted state law claims to advance in a suit brought by Mairin Rooney, a former Goldman Sachs managing director. Rooney alleges that her subsequent employer, Leerink Partners, failed to honor a promised minimum bonus, totaling $10 million across multiple years….
Littler Mendelson has expanded its team with the recent recruitment of Angel Garrett as a shareholder based in San Francisco. This move was announced by the firm on Thursday. Garrett’s expertise lies in employee benefits and Employee Retirement Income Security Act (ERISA) matters. Her role involves handling both class action and single-plaintiff cases that address…
American Airlines Inc. has been held liable for breaching its fiduciary duty in its 401(k) plan investment strategy, focusing on funds aligned with environmental, social, and corporate governance (ESG) objectives. The recent verdict follows a non-jury trial presided over by Judge Reed O’Connor at the US District Court for the Northern District of Texas. This…
Unum Life Insurance Company of America is facing a lawsuit after denying disability benefits to an employee of the law firm Faegre Drinker Biddle & Reath LLP. The lawsuit was filed on Wednesday in the United States District Court for the District of Minnesota, as per Bloomberg Law. Plaintiff Dalana Rayne claims that her psychological…
Morrison Foerster, a global law firm, has bolstered its presence in Boston by bringing on board Crescent Moran Chasteen and Rachel Faye Smith as partners and co-chairs of its executive compensation and benefits practice. The firm announced the strategic addition on Wednesday. This move is anticipated to further energize the firm’s services in the areas…
Former NFL players have filed a motion to compel discovery in a class action lawsuit against the National Football League’s employee welfare benefit plans. The players allege that these plans have unlawfully withheld disability benefits, contravening the federal Employee Retirement Income Security Act (ERISA) by failing in their fiduciary responsibilities. Filed in the U.S. District…
In a significant move within the ongoing legal discussions surrounding the Employee Retirement Income Security Act (ERISA), AT&T Services Inc. has demonstrated its support for Cornell University in a dispute concerning retirement plan management. The telecommunications giant has urged the U.S. Supreme Court to affirm that transactions conducted at arm’s length between plans and their…
As the possibility of another Trump administration looms, the future of the Affordable Care Act (ACA) appears increasingly uncertain. This development has significant implications for health-care access and employee benefits across the United States. Donald Trump’s previous tenure demonstrated his administration’s intent to dismantle elements of the ACA, often referred to as Obamacare. The renewed…
UnitedHealthcare has reached a settlement amounting to $69 million in a class action lawsuit under the Employee Retirement Income Security Act (ERISA). The lawsuit alleged poor performance of a 401(k) plan. According to the plaintiffs’ counsel, this settlement is believed to be the largest of its kind related to suboptimal 401(k) performance. The litigation highlighted…
Dentons has announced the recruitment of Kate Sullivan Morgan as a partner in its health-care practice in Dallas, marking a strategic move to bolster its legal expertise in this sector. Morgan, who rejoins Dentons, brings with her a wealth of experience advising a varied clientele including health systems, insurers, managed care organizations, digital health companies,…
The rise in class action lawsuits related to the Employee Retirement Income Security Act of 1974 (ERISA) is seeing a significant uptick, particularly focusing on allegations against companies that impose higher premiums on tobacco users in their health plans. Since October 3, three law firms—Siri & Glimstad, Stueve Siegel Hanson, and the McClelland Law Firm—have…
McDermott Will & Emery has announced that Erin Turley has rejoined the firm as a partner in its employee benefits and executive compensation practice group in Chicago. This strategic move aims to enhance the firm’s capabilities in this specialized sector. Erin Turley is an experienced advisor specializing in employee stock ownership plans (ESOPs) and the…
The negotiations between a former partner of Schnader Harrison Segal & Lewis LLP and the now-defunct law firm have reached a standstill. The proposed class action under the Employee Retirement Income Security Act (ERISA) faced a setback as the involved parties were unable to finalize an agreement by the stipulated deadline. The absence of a…
In a significant decision, U.S. District Court Judge Paul Gardephe has denied Morgan Stanley’s request for reconsideration in ongoing litigation related to deferred compensation plans. The ruling comes after the judge initially determined in November 2023 that the compensation plan falls under the governance of the Employee Retirement Income Security Act (ERISA) and directed the…
The number of class action lawsuits alleging violations of the Employee Retirement Income Security Act of 1974 (ERISA) concerning tobacco surcharges on health plans is rising across the United States. Three law firms—Siri & Glimstad, Stueve Siegel Hanson, and the McClelland Law Firm—are at the forefront, having filed eight cases since October 3. These legal…
Ahead of its implementation in 2025, California’s newly amended retirement law is drawing significant attention, primarily due to its implications on the asset protections for state debtors. This legislative change alters the current landscape of protections afforded to tax-qualified retirement plans, such as 401(k)s and profit-sharing plans, presenting potential challenges for California residents protected under…
Morgan, Lewis & Bockius has been retained to defend X Corp. and Elon Musk in a lawsuit filed by former Twitter executives. The plaintiffs argue that Musk’s acquisition of the microblogging platform, now rebranded as X Corp., represents a “material adverse change” in their employment terms. They claim this change entitles them to severance packages…
A recent report from the U.S. Government Accountability Office (GAO) urges the Internal Revenue Service (IRS) to address conflicts of interest among retirement advisers, signaling a need for clearer guidance amidst a complex regulatory landscape. The GAO report highlights the tangled web of regulations and enforcement challenges that fiduciaries face, suggesting that enhanced enforcement mechanisms…
The United States Supreme Court is set to examine the intricate dynamics of a decades-old conflict-of-interest law that could significantly impact plaintiff’s strategies in employer-sponsored benefit plan mismanagement cases. This judicial review arrives at a crucial juncture after the U.S. Court of Appeals for the Second Circuit upheld the dismissal of claims involving Cornell University’s…
Willkie Farr & Gallagher LLP has strengthened its presence in Chicago with the addition of Kimberly Jones and Sarah Kessler as partners. This move is part of the firm’s strategic expansion, aiming to bolster its expertise in ERISA litigation and finance platforms. The firm made the announcement on Tuesday. Kimberly Jones is an experienced litigator…
The U.S. Supreme Court’s decision in Loper Bright Enterprises v. Raimondo has cast new light on the longstanding Chevron deference, affecting how courts interpret agency regulations, particularly within the Employee Retirement Income Security Act (ERISA) context. Traditionally under the Chevron doctrine, courts followed a two-step process: determining if Congress spoke directly to an issue and,…
“`html A new form of labor litigation is catching the attention of corporate boardrooms across the United States, emphasizing the need for legislative support to help companies manage health-care costs effectively. This year, three major employers—Johnson & Johnson, the Mayo Clinic, and Wells Fargo—have become defendants in class-action lawsuits. Employees allege that these companies failed…
A seemingly novel lawsuit has emerged challenging a company’s health plan surcharge for employees who have refused the Covid-19 vaccine. Two security guards have initiated a proposed class action against GardaWorld Cash Services Inc. in a North Carolina federal court. Filed on September 16, the plaintiffs argue that GardaWorld’s surcharge violates the Employee Retirement Income…
Robert Kaplan has joined McCarter & English as a partner in its tax and employee benefits practice, the firm announced in a recent press release. Bringing his extensive experience in employee benefit plans and executive compensation arrangements, Kaplan will operate out of the firm’s Philadelphia office. At McCarter & English, Kaplan is expected to provide…
Eli Burriss has joined Faegre Drinker as a partner in its litigation group in Dallas, according to the firm’s announcement on Wednesday. Burriss brings extensive experience in representing clients through trials and intricate commercial litigation. His expertise encompasses a range of complex legal areas including the Employee Retirement Income Security Act (ERISA), health insurance, class…