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May 07, 2024
Astec Inks $13.7M Investor Deal Over Wood Pellet Plant Woes
An investor in manufacturer Astec Industries Inc. has asked a Tennessee federal judge for an initial green light on a $13.7 million deal to end claims the company misrepresented business prospects for its wood pellet plants.
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May 07, 2024
Cigna Escapes Post-Judgment Accounting Bid In ERISA Row
A federal judge in Connecticut has denied a bid by a class of 25,000 Cigna Corp. workers for post-judgment discovery in an ERISA feud that has stretched on for 23 years, shutting down claims that the insurer violated court orders by improperly calculating award payments to class members.
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May 07, 2024
Organic Grocery Chain Settles COBRA Notice Suit For $400K
An organic grocery store chain will pay $400,000 to close a proposed class action claiming it regularly failed to alert workers that they could extend their health insurance benefits if their coverage ended after losing their jobs, according to a Pennsylvania federal court filing.
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May 07, 2024
Hartford Settles Long-COVID Patient's Benefits Suit
Hartford Life and Accident Insurance Co. reached a deal to end a lawsuit accusing it of unlawfully refusing to pay out long-term disability benefits for a patient suffering lasting effects from a COVID-19 infection, according to filing Tuesday in Michigan federal court.
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May 07, 2024
DOL Official Says Expect Pension De-Risking Report Soon
The U.S. Department of Labor's employee benefits chief said Tuesday the agency expects to submit a report to Congress shortly on so-called pension risk transfers, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
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May 07, 2024
Paycom Brass Face Investor Suit Over Future Revenue Woes
The top brass of human resources technology company Paycom Software Inc. have been hit with a shareholder derivative suit alleging that executives failed to disclose that a new product to streamline payroll processes was threatening its future revenue by helping companies avoid errors they would otherwise pay to fix.
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May 07, 2024
Amazon Worker Wants Class Cert. In Military Leave Suit
A former Amazon worker urged a New York federal court to greenlight a more than 9,000-member class of military reservists in her lawsuit accusing the e-commerce giant of failing to provide paid leave for employees on active duty, saying the dispute is best suited for class treatment.
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May 07, 2024
Santos Says Feds Overstepped With ID Theft Charge
Former U.S. Rep. George Santos told a Brooklyn federal court that prosecutors used an unconstitutionally vague identity theft statute to charge him with reporting fake fundraising numbers to the Federal Election Commission.
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May 06, 2024
Judge Trims ESOP Valuation Suit Against Healthcare Co.
A California federal judge has trimmed a lawsuit against KPC Healthcare Inc., its employee stock ownership plan committee and its investment manager Alerus Financial alleging that a sale of company stock was mismanaged.
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May 06, 2024
Cabot Settles Investor Suit Over Groundwater Pollution Claims
Cabot Oil & Gas Corp. and a class of investors have reached a settlement resolving allegations the company misrepresented its environmental regulatory compliance before faulty gas wells polluted Pennsylvania's water supplies.
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May 06, 2024
Bridgewater Fights To Keep Bias Claims Under Wraps
Connecticut asset management firm Bridgewater Associates LP fought Friday to keep dispute with two terminated employees over alleged discrimination in arbitration, saying the Federal Arbitration Act bans its ex-workers from using state court procedures contrary to private dispute resolution agreements, and from airing grievances in public.
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May 06, 2024
Goldman Objects To 1MDB Suit Class Cert. Recommendation
Goldman Sachs and its former top brass have urged a New York federal judge not to adopt a magistrate judge's recommendation to grant certification to a proposed class of investors claiming losses from the 1MDB bond bribery scandal, saying the magistrate judge erred in concluding that Goldman's stock price was affected by alleged misstatements.
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May 06, 2024
Mass General Eyes Retirement Plan Fee Suit Settlement
The Mass General healthcare system in Boston and a proposed class of its workers are in the process of negotiating an agreement to resolve the employees' claims that they were charged excessive administrative fees for their retirement plan, the parties told a Massachusetts federal court.
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May 06, 2024
Citgo Retirees' Mortality Table Data Suit Heads To Trial
An Illinois federal judge refused Monday to grant Citgo a win in three retirees' proposed class action accusing the fuel company of shortchanging retirees by using outdated metrics to calculate early retirement payouts, saying the questions that remain are best suited for trial.
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May 06, 2024
Mass. Justices Wary Of Spiking Uber, Lyft Ballot Questions
Justices on Massachusetts' highest court appeared unlikely Monday to strike down ballot proposals to reinvent app-based drivers' relationships with Uber, Lyft and the like, commenting that the scattershot ideas for voters in March all carry the underlying theme of creating a carveout from the state's worker-friendly employee classification law.
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May 06, 2024
Salesforce Inks 11th Hour ERISA Deal With Up To 50K Workers
Salesforce has inked an eleventh-hour settlement with a certified class of up to 50,000 employees alleging the company violated ERISA by allowing its 401(k) plan to be filled with expensive and poorly performing investment options, preempting a bench trial scheduled for Monday, a court clerk told Law360.
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May 06, 2024
JPMorgan Accused Of Failing To Protect Account Data
JPMorgan Chase & Co. failed to protect sensitive personal information for individuals whose retirement accounts it administered, causing at least 451,000 people to have identifiable data stolen over the past three years, according to a proposed class action filed in New York federal court.
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May 06, 2024
Catching Up With Delaware's Chancery Court
A record $100 million settlement, a fishy Facebook decision, a canceled Amazon delivery and an upended $7.3 billion sale dispute topped the news out of Delaware's Court of Chancery last week. There were also new cases involving Hess, Microsoft and the 2022 World Cup.
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May 06, 2024
FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.
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May 06, 2024
Auto Parts Co. Strikes Deal To End Suit Over $1.6B 401(k) Plan
Auto parts supplier Magna International agreed to settle a class action covering about 20,000 workers who claimed to have lost millions in retirement savings because the company failed to cut underperforming and costly investments from their $1.6 billion retirement plan.
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May 03, 2024
9th Circ. Orders 2nd Look At Stay In PG&E Wildfire Suit
The Ninth Circuit on Friday told a lower court to reconsider its order staying claims PG&E investors brought against officers, directors and others over wildfire liability, saying more factors should have been considered before the stay was granted.
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May 03, 2024
Boeing Can't Avoid Pre-Conception Toxic Birth Defect Claims
A Washington state judge said Friday that the child of two Boeing factory workers can sue the aerospace giant for negligence based on harm he allegedly suffered before he was conceived, allowing him to accuse the company of failing to warn his parents about toxic chemicals they were exposed to on the job.
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May 03, 2024
Cruise Contractors Aim To End $2.8M Union Fund Debt Row
Two cruise ship contractors and a union pension fund told a Louisiana federal judge Friday that they're winding down their dispute over the contractors' $2.8 million debt to the fund, asking him to toss the case but let them reopen it if they can't settle the last outstanding issue.
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May 03, 2024
DuPont, Corteva Want 'Schrödinger's Cat' Class Decertified
DuPont and Corteva Inc. asked a Pennsylvania federal court Friday to undo class certification for former employees who claim they were wrongly denied an "optional retirement" when DuPont de Nemours Inc. and Corteva's parent companies merged and they were spun off, arguing that the two class representatives' claims clash with the rest of the class.
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May 03, 2024
Railways Cos. Dodge Suit Claiming Pension Evasion Scheme
A Pennsylvania federal judge tossed a suit Friday claiming Transtar railways systematically fired workers whose pensions were about to vest in order to dodge payments, stating that the employees' complaint lacks enough detail to prove they were subjected to an illegal scheme.
Expert Analysis
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Peeling Back The Layers Of Rep. George Santos' Indictment
Federal prosecutors' recent 13-count criminal indictment of Rep. George Santos reflects a focused, even simplified approach, showing the kind of careful scrutiny that charges against sitting members of Congress always merit, and leaving open questions about potential charges other enforcers could bring, say Rob Walker and Caleb Burns at Wiley.
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Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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ERISA Ruling Shows Why Insurers Must Justify Claim Denials
The Tenth Circuit's recent decision in D.K. v. United Behavioral Health imposed a long-overdue measure of accountability on health insurers by holding that Employee Retirement Income Security Act compliance requires responding to the medical opinions of the beneficiary's treating doctors before denying claims, says Mark DeBofsky at DeBofsky Law.
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Takeaways From New Fla. Pharmacy Benefit Manager Rules
A recently passed Florida law imposes several new requirements on pharmacy benefit managers, necessitating practical considerations that range from potential license application delays to possible trade secret exposure, say Thomas Range and Bruce Platt at Akerman.
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Roadblocks For Cannabis Employers Setting Up 401(k) Plans
Though the Internal Revenue Code and the Employee Retirement Income Security Act generally allow cannabis businesses to establish 401(k) plans for their employees, companies must still pick their way through uncertainties around tax deductions and recruiting reliable vendors, say attorneys at Shipman & Goodwin.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Revenue Sharing Argument Might Save Barrick In 401(k) Case
During recent oral arguments before the Tenth Circuit, Barrick Gold presented revenue sharing as an obvious alternative explanation for the selection of higher-cost share classes in its ex-workers’ 401(k) plan, establishing that dismissal of the case would be consistent with U.S. Supreme Court pleading standard precedent, say Emily Costin and Blake Crohan at Alston & Bird.
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Now More Than Ever, Fiduciaries Must Revisit ERISA Origins
Given increasing political pressures, including legislation on ESG investing, fiduciaries should have a firm grasp on the historical foundations of the Employee Retirement Income Security Act, especially its allocation and delegation provision — the act's most important fiduciary duty shield, says Jeff Mamorsky, a Cohen & Buckmann partner who helped draft the statute.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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Opinion
High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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Opinion
Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.
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4th Circ. Ruling Reveals 2 Layoff Pitfalls To Avoid
The Fourth Circuit's recent decision in Messer v. Bristol Compressors serves as a reminder that employers have a continuing obligation to keep employees informed about mass layoffs, and that employees do not need to show prejudice to succeed on Worker Adjustment and Retraining Notification Act claims, say Kevin White and Steven DiBeneditto at Hunton.
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Opinion
Duty To Oversee ESG Risks Would Erode Biz Judgment Rule
Imposing a duty to oversee ESG business risks on directors and officers is the exact kind of second-guessing that the business judgment rule is supposed to protect against, and it could expose corporate leaders to ruinous liability and disincentivize serving on public company boards, say Stephen Leitzell and Richard Horvath at Dechert.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.