Case Number: No. 21-cv-00541-EGS
Practice Area: Employee Benefits & ERISA
Case Status: Pending
Court: United States District Court for the District of Columbia
Berger Montague serves as co-lead counsel in a nationwide class action lawsuit brought on behalf of all participants in the American Red Cross Savings Plan (the “Plan”). The Plan is a 401(k) plan offered to all Red Cross employees. The plaintiff’s complaint alleges that the defendants breached their fiduciary duties owed to Plan Participants under the Employee Retirement Income Security Act (“ERISA”).
The plaintiffs’ allegations arise from the defendants’ failure to control the recordkeeping, administrative, and other fees imposed on the Plan and passed on to all Plan participants. The plaintiffs allege the the defendants’ imprudently selected and retained poorly performing target date investment funds, called the Northern Trust Focus Funds, for inclusion in the Plan. The performance of the Northern Trust Focus Funds has been consistently worse than benchmark indexes and comparable target date funds, both before and after the defendants added them to the Plan’s lineup of investments in 2017.
A copy of the Amended Consolidated Class Action Complaint is available here.
Berger Montague’s Employee Benefits & ERISA Group litigates cases on behalf of employees whose 401(k) and pension investments have suffered severe losses as a result of the breach of fiduciary duties by plan administrators and the companies they represent. Our Employee Benefits & ERISA attorneys have recovered hundreds of millions of dollars in lost retirement benefits for American workers and also favorably structured their retirement plans.
If you or your company has been harmed by conduct, including breaches of fiduciary duty, that you believe violates ERISA or state laws, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.