ERISA Class Actions
Recovery for Excessive Fees and Imprudent Investments
After saving for a lifetime, people rely upon their 401k plans for financial security after retirement. This reliance should be an important consideration in guiding fiduciaries and plan administrators. Excessive fees and imprudent investments can make a retirement plan vulnerable to loss and jeopardize its participants’ savings.
Schneider Wallace Cottrell Konecky LLP represents plaintiffs in complex class actions. Our team of experienced attorneys have decades of experience investigating and litigating cases on behalf of retirement plans and their participants involving violations of the Employee Retirement Income Security Act (ERISA). Our firm maintains offices in California, Texas, North Carolina and Puerto Rico that handle litigation for plans and participants located across the country.
Retirement plan investments should be safe and stable. ERISA imposes strict duties on those responsible for administering retirement plan assets. If an investment performs poorly or is downgraded, the fiduciary has a duty to identify the risks and take action. Likewise, fiduciaries must monitor the fees paid by retirement plans for services to ensure that they are reasonable.
Plan fiduciaries have a duty to make prudent investment decisions at the outset. In 2015, the U.S. Supreme Court ruled that the duty does not end there. In Tibble v. Edison International, the U.S. Supreme Court found that the fiduciaries have a continuous duty to monitor the investments and to remove imprudent investments.
Hidden or Excessive Fees
Fees and costs can add up in any investment, thereby depriving investors of higher returns. Many retirement plans are impacted by hidden or excessive fees. Schneider Wallace Cottrell Konecky LLP works tirelessly to identify these abuses and litigate on behalf of the affected retirement plans to return those fees back to retirement accounts.
Certain fees and expenses are an anticipated aspect of any investment. ERISA fiduciaries are obligated to consider what types of fees and how much are reasonable for the particular investments and the plan as a whole.
Filing an ERISA Class Action
A class action allows participants, who have lost money due to excessive fees or imprudent investments, to bring a cause of action against the fiduciaries of a plan, and others. ERISA litigation is ideally served through the class action process because participants are almost always in similar positions and have suffered the same types of damages arising from the same wrongdoing.
By filing as a class, the lawyers can focus discovery and case preparations on key issues that affect multiple participants and return money to all members of the plan.
Schedule a Consultation to Discuss an ERISA Class Action
Contact one of our offices in California, Texas, North Carolina and Puerto Rico to schedule an appointment with our experienced class action lawyers. Schneider Wallace helps ERISA participants recover damages for excessive fees and imprudent investments. We are a national firm and, by partnering with local firms, we can assist clients in any jurisdiction.