Step 1: Are you an employee or former employee
(or a dependent of an employee or former employee) of Caterpillar,
Step 2: Have you participated in the
Caterpillar 401(k) Retirement Plan (the "Caterpillar 401(k)") or a
similar retirement plan for which Aon Hewitt provides recordkeeping
Step 3: Do you pay for Financial Engines'
investment advisory services through your retirement plan?
Step 4: If you answered "yes" to the first
three steps, fill out the form on this page. You may be able to
participate in a class action lawsuit.
If you participated in the Caterpillar 401(k) Plan, paid for
Financial Engines' investment advisory services, and are interested
in discussing the class action, please contact Todd Collins at firstname.lastname@example.org or (215) 875-3040
or Ellen Noteware at email@example.com or (215)
About the case
On behalf of participants in the Caterpillar 401(k), Berger
& Montague, P.C. has filed a class action lawsuit against Aon
Hewitt, a company that provides platform and recordkeeping services
for the Caterpillar 401(k). The complaint alleges that Aon Hewitt
was involved in an illegal kickback scheme with Financial Engines
which, for a fee, offers retirement advice to Caterpillar 401(k)
In order to be included as the investment advice service
provider on Aon Hewitt's platform, Financial Engines agreed to pay
Aon Hewitt a significant percentage of the fees it collects from
401(k) plan participants, including Caterpillar 401(k)
participants. In order to meet Aon Hewitt's demand for a kickback,
Financial Engines charges excessive fees.
The complaint alleges that Aon Hewitt's conduct violated the
fiduciary duties and prohibited transaction rules imposed by the
Employee Retirement Income Security Act of 1974 ("ERISA").
What is ERISA?
ERISA is a federal law that sets minimum standards for most
retirement plans in private industry in order to protect
individuals who are participants in those plans.
ERISA imposes fiduciary duties-the highest duties known to
law-on the people who run retirement plans. It gives plan
participants the rights to sue where those fiduciaries fail to put
the participants' interests first.
Previous ERISA 401(k) settlements
Berger & Montague, P.C. has settled numerous ERISA 401(k)
class action lawsuits:
Diebold v. Northern Trust Investments,
N.A.: In August 2015, the U.S. District
Court for the Northern District of Illinois approved class action
settlements totaling $60 million in cases brought by Berger &
Montague, P.C. and other attorneys against The Northern Trust
Company and Northern Trust Investments, N.A. on behalf of 401(k)
and pension plans that invested in Northern Trust's collective
trusts. Plaintiffs alleged that Northern Trust breached its
fiduciary duty by keeping for itself an
excessive amount of the revenue generated by the
collective trusts through the practice of securities lending.
(Securities lending involves lending securities owned by the
collective trusts to short sellers and others, who provide
collateral that is then invested, supposedly in the interest
of the retirement plans that invest in the collective trusts).
In re: Eastman Kodak ERISA Litigation: In October
2016, the U.S. District Court for the Western District of New York
approved a $9.7 million settlement on behalf of the participants
and beneficiaries of the Eastman Kodak Employees' Savings and
Investment Plan and the Eastman Kodak Employee Stock Ownership Plan
(the "Kodak Plans"). On behalf of plaintiffs and the participants
of the Kodak Plans, Berger & Montague charged that the Kodak
Plans' fiduciaries continued to invest in Kodak's common stock,
even though it was apparent that Kodak was an imprudent investment.
The stock price collapsed, and Kodak eventually filed for
- Glass Dimension v. State Street Bank & Trust
Co.: In May 2014, the U.S. District Court for the District
of Massachusetts approved a $10 million settlement on behalf of
retirement plans that invested in a collective trust established by
State Street Bank & Trust Co. under a master securities lending
agreement. Berger & Montague served as co-lead counsel in this
class action case that involved more than 900 retirement plans
invested in more than 250 collective investment funds. Plaintiffs
alleged that State Street Bank & Co. breached their fiduciary
duties and engaged in prohibited transactions under ERISA by
charging excessive fees (50% of all net income derived) for the
securities lending services the company provided.
- Lequita Dennard v. Transamerica: In October 2016,
the U.S. District Court for the Northern District of Iowa approved
a $3.8 million settlement on behalf of current and former
Transamerica Corp. employees who claimed the company did not live
up to its fiduciary duty under ERISA with its 401(k) plan.
Employees alleged that Transamerica breached its fiduciary duty
under ERISA-which requires those that administer 401(k) plans to
act in the best interest of the plan participants-when it offered
investment options that benefited the company, charging employees
excessive investment management and administrative fees.
Do I have to pay to consult with an
We are happy to talk with you about your potential claims free
of charge. If we decide to represent you in a lawsuit, we will
enter into a written contingent fee agreement with you. A
contingent fee agreement means the attorneys advance all of the
costs of the litigation, and the attorneys only get paid only if we
win a recovery on behalf of you or the retirement plan
Please contact us to discuss the details of your case. You
- Use the contact form on this page ("Inquire About Your
- Email firstname.lastname@example.org
- Call (800)
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