Cases & Investigations
Berger Montague filed a class action complaint in the U.S. District Court for the Northern District of Illinois on behalf of all 401(k) and pension plans that invested or maintained investments between January 1, 2007 and the present in any collective trusts managed or operated by The Northern Trust Company or Northern Trust Investments, N.A., where such Collective Trusts engaged in the practice known as “security lending.”
On behalf of LifePath Funds shareholders, Berger Montague has filed a class action lawsuit against State Farm Investment Management Corporation. The complaint alleges that State Farm collected excessive management fees from LifePath Funds shareholders, violating the fiduciary duties and prohibited transaction rules imposed by the Employee Retirement Income Security Act of 1974 (“ERISA”).
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.
This action asserted that during the Class Period (beginning April 15, 1998) Goodyear and the fiduciaries charged with responsibility for Goodyear’s 401(k) Plan failed prudently and loyally to manage the Plan in the best interests of the Plan and the Plan participants.
This case involved allegations that Wal-Mart and other fiduciaries of the Wal-Mart Profit Sharing and 401(k) Plan (the “Plan”) breached their fiduciary duties to Plan Participants. They did so in connection with Wal-Mart’s underpayment of retirement benefits to hourly employees of Wal-Mart who participated in the Plan.
Berger Montague has filed a class action complaint on behalf of the participants and beneficiaries of the Eastman Kodak Employees’ Savings And Investment Plan (the “SIP”) and Eastman Kodak Employee Stock Ownership Plan (the “ESOP”, collectively with the SIP, the “Plans”).
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.
This case sought recovery of losses suffered by participants in the Long-Term Investment Plan, a 401(k) plan sponsored by Nortel Networks, Inc. During the class period, March 7, 2000 through January 1, 2008, plaintiffs alleged that Nortel engaged in a variety of practices that caused its income and assets to be vastly overstated.
Berger Montague represented a class of retired Campbell Soup employees in an ERISA class action to preserve and restore retiree medical benefits. A settlement yielded benefits to the class valued at $114.5 million.
Berger Montague, as co-lead counsel, handled the presentation of over 70 witnesses, 30 depositions, and over 700 trial exhibits in this action that has resulted in partial settlements in 1990 of over $110 million for retirees whose health benefits were terminated.