Step 1: Are you a current or former
participant in a company retirement plan or 401(k) plan?
Step 2: Did your retirement plan's provider or
recordkeeper offer you investment advisory services through a
company called Financial Engines?
Step 3: Did you pay for Financial Engines'
services through your retirement plan or 401(k)?
Step 4: If you answered "yes" to the first
three steps, please fill out the form on this page. You may be able
to file a class action lawsuit.
If you participated in an employer-provided retirement plan,
paid for Financial Engines' advisory services, and are interested
in discussing a possible case, please contact Todd Collins at email@example.com or (215) 875-3040
or Ellen Noteware at firstname.lastname@example.org or (215)
About the case
Berger & Montague, P.C. is investigating the possibility
that retirement plan participants who pay for Financial Engines'
investment advisory services may be paying excessive fees.
Many retirement plans offer investment advice provided through
the auspices of Financial Engines. A plan participant wanting this
service pays a fee. The problem is that the plans' retirement plan
provider or recordkeeper may "take a cut" of the fee paid by the
plan participant, thus causing the plan participant to pay too high
of a fee.
Financial Engines gives the investment advice. The recordkeeper
performs no valuable service in connection with the investment
advice that Financial Engines provides - but still takes a share of
the fee the plan participant pays. He or she is paying not just
Financial Engines, which provides the investment advisory services,
but also the recordkeeper, which does not. This violates the
fiduciary duties and prohibited transaction rules imposed by the
Employee Retirement Income Security Act of 1974 ("ERISA").
How do I know if my employer partners with Financial
Your plan statements or other materials should indicate that
Financial Engines is providing you with investment advice if you
are signed up for their services.
According to Financial Engines' website, the company works
with the following employers:
- Alcoa, Inc.
- Altria Group, Inc.
- Ameren Group, Inc.
- Arch Coal
- Ardent Health Services
- BAE Systems
- Beaumont Hospitals
- Boar's Head
- Caterpillar, Inc.
- CenterPoint Energy, Inc.
- Delta Air Lines, Inc.
- Dow Corning Corporation
- Ford Motor Company
- Health Net, Inc.
- Henry Schein
- Hubbell, Inc.
- IDEAL INDUSTRIES, INC.
- IBM Corporation
- J.C. Penney Company, Inc.
- Johnson Controls
- Kellogg Company
- Land O'Lakes
- Lear Corporation
- Levi Strauss & Co.
- Liberty Mutual Group
- Marathon Oil
- Marathon Petroleum
- Microsoft Corporation
- Nestle USA, Inc.
- Northern Trust
- Occidental Petroleum
- PG&E Corporation
- Potlatch Corporation
- Rockwell Automation
- Southern California Edison
- State of Georgia
- Suburban Propane
- Texas Instruments
- Tenneco Inc.
- Tesoro Corp.
- Thomson Reuters
- Travelers Companies, Inc.
- Tree Top, Inc.
- VF Corporation
- Visteon Corporation
- Xerox Corporation
- Zebra Technologies
If you work for any of these companies, invest in the companies'
retirement plans, and pay for Financial Engines' services, please
fill out the contact form on this page.
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 email@example.com
- Call (800)
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