Retirement & Benefits

The class-action lawsuit, filed on behalf of 60,000 plan participants, alleges that the airline failed to replace a “chronically underperforming” large-cap fund holding more than $2 billion in retirement plan assets.

The ERISA Industry Committee, along with two other industry groups, is seeking the dismissal of the drugmaker’s PRT class-action lawsuit over the transfer of its pension plan to Athene Annuity, alleging a breach of fiduciary duties.

The banking giant has been hit with a class-action lawsuit alleging it used retirement plan contributions from departing employees to “offset its employer contributions” rather than reducing plan administrative fees, violating ERISA.

A federal judge has dismissed—for the second time—a lawsuit against Bechtel Global that alleged the $5.7 billion plan’s default managed account investment led to excessive fees and subpar returns, arguing that a target-date fund would have been a better alternative.

A federal judge in Texas ruled that the company violated its ERISA duties by not focusing “on the best financial benefit” for its 401(k) plan—the biggest victory yet in a case involving ESG investing.

Ex-employees are suing Verizon, as well as State Street Global Advisors, which served as the “independent fiduciary” in putting together the deal to manage the pensions of 56,000 retirees.