Step 1: Are you an employee or former employee
(or a dependent of an employee or former employee) of any of the
- California Institute of Technology (Caltech)
- Southern Methodist University
Step 2: Have you participated in a retirement
plan provided by any of these universities?
Step 3: If you answered "yes" to the first two
steps, fill out the form on this page. You may be able to
participate in a class action lawsuit.
If you worked at any of the universities listed above,
participated in the university's retirement plan, and are
interested in discussing a possible 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
Berger & Montague, P.C. is investigating whether fiduciaries
or service providers for university retirement plans have violated
federal law concerning retirement plans by causing plan
participants to pay excessive, unnecessary fees or by including
among the plan options certain poorly-performing investments.
Sometimes universities provide retirement plans for their
employees that charge excessive fees. Some plans hire not one but
two recordkeepers, which can cause the plan-and the employees and
former employee who participate-to miss out on economies of scale
and pay more than they should.
In addition, some plans offer investment options that perform
poorly in comparison to comparable investments (benchmarks). And
some plans make available to participants higher cost (investor
class) mutual funds instead of lower cost (institutional class)
funds, even though lower cost funds are available.
Causing plan participants to pay too much, or offering plan
participants poorly-performing investment options, may violate the
Employee Retirement Income Security Act of 1974 ("ERISA").
What is ERISA?
ERISA is a federal law that sets 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 right 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
- 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 Dimensions 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
- 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 agree to represent you in a lawsuit, we will do so
on a contingent basis, which means the attorneys advance all of the
costs of the litigation, and the attorneys get paid only if we win
a recovery on behalf of you and the other 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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