PenChecks Trust’s Post

Sanford Heisler Sharp McKnight has achieved an historic settlement with UnitedHealth Group, which has agreed to pay $69 million to settle an ERISA class action. The plaintiff claimed that United included low-performing investment options in its 401(k) plan to preserve its business relationship with Wells Fargo. This is the largest settlement in an Employee Retirement Income Security Act class action targeting low-performing investment options in a 401(k) plan.   The class was represented by the firm’s Financial Services Litigation Practice Group Chair Charles Field, along with David Sanford, Kevin H. Sharp, Leigh Anne St.Charles, Brent Hannafan and Shannon Henris.

On January 9, 2025, Bailey Glasser’s ERISA team filed an unopposed motion for preliminary approval of settlement and certification of settlement class on behalf of participants in the RVNB Holdings, Inc. Employee Stock Ownership Plan (ESOP), in a case proceeding in the U.S. District Court for the Northern District of Texas. The parties have agreed to resolve all matters in controversy, including the action and a separate but related Department of Labor (DOL) enforcement case, with a total settlement of $14 million. This amount includes a statutory penalty to the DOL, with $12.75 million allocated to the class of ESOP participants. The settlement, if approved by the court, will end more than five years of litigation concerning the sale of RVNB by the ESOP in 2017, which the plaintiffs alleged was for less than fair market value and caused by defendant fiduciaries in violation of the federal ERISA retirement benefits statute. The case is Coleman, et al. v. Brozen, et al., Case No. 3:20-CV-01358, and is proceeding before U.S. District Judge Ada Brown. Members of the BG team include ERISA Practice Group leader Gregory Porter, Ryan T. Jenny, Patrick Muench, and co-counsel from Ajamie LLP. To learn more about our nationally recognized ERISA, Employee Benefits & Trust practice, visit here: https://ow.ly/nv4Y50UIEsC #ERISA #ESOP #ERISALitigation #BaileyGlasser

Prominent ERISA attorney Fred Reish shared his views regarding the adoption of PEPs, and frankly, it matches pretty closely with our beliefs at Aon and how I personally feel about the future of PEPs. Check out the article to learn more: https://bit.ly/3w8tJjc #wealthsolutions #PooledEmployerPlans #Retirementplans

Sanford Heisler Sharp McKnight has achieved an historic settlement with UnitedHealth Group, which has agreed to pay $69 million to settle an ERISA class action. The plaintiff claimed that United included low-performing investment options in its 401(k) plan to preserve its business relationship with Wells Fargo. This is the largest settlement in an Employee Retirement Income Security Act class action targeting low-performing investment options in a 401(k) plan.   The class was represented by the firm’s Financial Services Litigation Practice Group Chair Charles Field, along with David Sanford, Kevin Sharp, Leigh Anne St. Charles, Brent Hannafan and Shannon Henris.

REMINDER TO VOTE - 7 DAYS LEFT Cast your vote for Wealth Distribution Strategies in the Madison People's Choice Awards! Voting is open now through July 14th, and it's easy to participate: 1. Visit https://lnkd.in/g7waf2hP 2. Select "Services" 3. Scroll to "Wealth Management" 4. Vote for "Wealth Distribution Strategies" Remember, you can vote once per category each day throughout the voting period. So, set your reminders, and make Wealth Distribution Strategies your top choice in Wealth Management! . . . #wdstrategies #madison #peopleschoice #wealthmanagement

The U.S. Department of Labor has issued new regulations on investment advice fiduciaries, set to take effect on September 23, 2024. But hold on - these rules are already facing legal challenges. On May 2nd, the Federation of Americans for Consumer Choice, among others, filed a lawsuit against the DOL, arguing that the rules exceed their authority, echoing concerns from a previous Fifth Circuit case. The outcome of this legal battle could have significant implications for the financial industry. While the DOL insists these are minor updates, the controversy suggests otherwise. No matter the court's decision, expect appeals and possibly even a pivot depending on the upcoming Presidential election. If you're a fiduciary or employer, now's the time to review your service contracts related to investment advice for retirement plans and IRAs. Polsinelli’s Employee Benefits team is here to help navigate these changes and provide practical advice. Stay informed, stay vigilant. https://lnkd.in/gu3TmUgE #Fiduciaries #DOLRegulations #RetirementPlanning #IRAs #EmployeeBenefits #LegalChallenges

🌟 Employers in California, including here in Huntington Beach, are seeing amazing benefits by embracing inclusive hiring practices with the help of SIBTF! 🌟 This fund helps reduce employer liability by covering costs related to aggravating pre-existing conditions through work-related incidents. This means businesses can diversify their workforce without worrying about extra financial burdens if accidents happen. Learn More: https://lnkd.in/gdpnTruK #WorkersCompensation #SIBTF #DisabilitySupport #EmployeeRights #HuntingtonBeachLaw

Check out the latest Kroll Settlement Administration Class Action Lens, where we report on recent settlement-centric court decisions. This edition's topics include: benefits to the class, late filed claims, and more. Take a look and sign up for the monthly newsletter here: https://lnkd.in/gPckdekA #classaction #kroll #settlementadministration

REMINDER TO VOTE - 14 DAYS LEFT Cast your vote for Wealth Distribution Strategies in the Madison People's Choice Awards! Voting is open now through July 14th, and it's easy to participate: 1. Visit https://lnkd.in/g7waf2hP 2. Select "Services" 3. Scroll to "Wealth Management" 4. Vote for "Wealth Distribution Strategies" Remember, you can vote once per category each day throughout the voting period. So, set your reminders, and make Wealth Distribution Strategies your top choice in Wealth Management! . . . #wdstrategies #madison #peopleschoice #wealthmanagement

Looks like several more #lawsuits were filed against companies for imposing #tobaccosurcharges. I think this brings the count to over ten lawsuits in the last two months. If you are an employer with a #corporatewellness program that includes #smokingcessation, it's time to review whether your #wellnessincentives are #compliant with the #affordablecareact rules. Contact us at www.wellnesslaw.com.