Lequita Dennard v. Transamerica
PRACTICE AREAS: Employee Benefits & ERISA
CASE STATUS: Settled
SETTLEMENT AMOUNT: $3.8 million
COURT: U.S. District Court for the Northern District of Iowa
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.
