Financial Mismanagement and ERISA Litigation Cases
Twitter Severance Plan Class Action
On July 12, 2023, Sanford Heisler Sharp McKnight filed a class action lawsuit against X Corp. (formerly Twitter), its parent company X Holdings, and owner Elon Musk for failing to provide promised severance benefits owed to terminated employees, and for failing to communicate accurately and truthfully with employees about the severance plan benefits, in violation of the Employee Retirement Income Security Act (ERISA).
READ MOREWest Monroe Partners Employee Stock Ownership Plan ERISA Class Action
In December 2021, Sanford Heisler Sharp McKnight filed a class action lawsuit under the Employee Income Retirement Security Act (ERISA) against consulting firm West Monroe Partners (“West Monroe”) on behalf of more than 100 former employees.
READ MOREUnitedHealth Certified ERISA Class Action
This class action accuses the fiduciaries of UnitedHealth’s 401(k) plan of violating their fiduciary duties under ERISA by keeping one of the worst-performing target date investment options in the entire market, the Wells Fargo Target Fund Suite, as the plan’s default investment for over a decade.
READ MOREAllstate ERISA Class Action
In January 2021, Sanford Heisler Sharp McKnight filed a Class Complaint in the U.S. District Court of Northern Illinois alleging that the Allstate Corporation breached basic fiduciary duties under ERISA by mismanaging the retirement funds that employees had entrusted in its care. The Complaint describes how Allstate failed to prudently monitor the investment performance of the Plan options as required by ERISA. As a result, Allstate continued to offer the Northern Trust target date funds despite chronic underperformance, causing the Plan, and hence participants, to suffer significant losses to their retirement savings. READ MORE
Eaton Vance ERISA Breach of Fiduciary Duty Class Action
In October 2018, Sanford Heisler Sharp McKnight filed a class action lawsuit against the Eaton Vance Corp. on behalf of participants in the Eaton Vance Profit Sharing and Savings Plan (the “Plan”) for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA). READ MORE
Walgreens ERISA Class Action
On August 9, 2019, Sanford Heisler Sharp McKnight filed a Class Action Complaint in the U.S. District Court of Northern Illinois against the Walgreen Co. on behalf of the plaintiffs individually and as representatives of approximately 190,000 participants in Walgreen’s $10 billion 401(k) plan (“Plan”).READ MORE
VentureMoney Management Co. Investor Fraud
In 2019, Sanford Heisler Sharp McKnight filed a lawsuit on behalf of Marieme Bougerba against Mark Bernier and the principals of a San Diego-based venture capital operation called VentureMoney Management Co., alleging securities fraud, securities violations, conversion, breach of fiduciary duty, aiding and abetting, and breach of contract. READ MORE
Transamerica ERISA Class Action
On December 28, 2018, Sanford Heisler Sharp McKnight filed a class action lawsuit against the Transamerica Corporation for violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA). READ MORE
Madison Avenue Securities LLC FINRA Arbitration
In March 2018, Sanford Heisler Sharp McKnight obtained a $2.1 million FINRA arbitration award on behalf of Donna Gambee, whose investment nest egg was decimated by an imprudent, high-risk investment strategy that her stockbroker, David Lloyd Barber, had recommended both before and during his association with Madison Avenue Securities LLC. READ MORE
Home Depot ERISA Class Action
On February 2, 2023, Sanford Heisler Sharp McKnight and Stillman Welch, LLC filed an appeal in the Eleventh Circuit on behalf of more than 200,000 participants in the Home Depot FutureBuilder Plan (the “Plan”), who allege that Home Depot breached fiduciary duties under the Employee Retirement Income Security Act (ERISA) in their mismanagement of the company’s $9 billion 401(k) plan.READ MORE
General Electric ERISA Class Action
In September 2017, Sanford Heisler Sharp McKnight filed an individual and class action complaint against General Electric Company (“GE”) for breach of fiduciary duties under the federal Employee Retirement Income Security Act (ERISA). READ MORE
Madison Avenue Securities FINRA Claim
In April 2018, Sanford Heisler Sharp McKnight filed an arbitration claim with the Financial Industry Regulatory Authority (“FINRA”) against Madison Avenue Securities, alleging the firm turned a blind eye in allowing one of its stockbrokers who had a disciplinary history of misappropriating clients’ funds to loot hundreds of thousands of dollars from the client’s account. READ MORE
The Capital Group ERISA Class Action
On November 14, 2023, Sanford Heisler Sharp McKnight filed a Class Action Complaint in the U.S. District Court for the Central District of California against The Capital Group Companies, Inc., on behalf of plaintiff Cathy Pover individually and as a representative of approximately 11,000 participants in The Capital Group Companies’ 401(k) plan. Named as defendants were The Capital Group Companies, Inc., the Board of Directors of The Capital Group Companies, Inc. and its members, and the U.S. Retirement Benefits Committee of The Capital Group Companies, Inc. and its members.READ MORE