Financial Services Litigation
On July 12, 2023, Sanford Heisler Sharp filed a class action lawsuit against Twitter and 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).
In December 2021, Sanford Heisler Sharp 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.
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.
Sanford Heisler Sharp is currently evaluating whether Allstate mismanaged its 401(k) plan.
Sanford Heisler Sharp alleged the company filled its 401(k) plan with expensive, poorly performing funds that earned fees for the company but deprived employees of millions of dollars in retirement savings.
The complaint alleges Walgreens failed to remove from its employee retirement plan a suite of ten target retirement date funds that have underperformed their investment benchmarks.
The amended complaint alleges Mark Bernier trolled a dating website, exchanging over 29,000 messages with over 3,000 women in a two-year period, to lure unsuspecting women into investing their money in his fraudulent scheme.
The complaint alleges the company invests employees’ retirement savings in multiple funds that consistently underperform their investment benchmarks and other similar collective investment funds.
In the fight to protect investors from stockbroker misconduct, Sanford Heisler Sharp has obtained a $2.1 million FINRA arbitration award on behalf of a San Diego client whose investment nest egg was decimated by an imprudent, high-risk investment strategy that her stockbroker David Barber had recommended.
According to the Complaint, Home Depot has selected multiple poorly-performing funds for its 401(k) plan, allowed investment advisers to charge its employees unreasonable fees, and turned a blind eye to a kickback scheme between an investment adviser and the plan’s recordkeeper.
The Complaint asserts that GE and the Plan violated the Federal Employee Retirement Security Act (ERISA) by breaching their fiduciary duties and engaging in prohibited transactions and unlawful self-dealing detrimental to the three named plaintiffs individually and as representatives of a class.
The claim alleges 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 client’s account.