What Is The Class Action About. In the Class Action, Class Representatives claim that, during the Class Period, the Defendant violated the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. §1001, et seq., with respect to its management, operation and administration of the Plan, including allowing excessive fees and imprudent investments in the Plan. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plans have suffered any harm or damage for which Defendants could or should be held responsible. Defendants contend that they acted prudently and in keeping with their fiduciary responsibilities under ERISA, and in the best interests of the Plans’ participants, including by monitoring, reviewing, and evaluating the Plans’ investment options, by monitoring, reviewing, and evaluating the administrative fees paid by the Plans, by eliminating or adding investment options when appropriate, and by negotiating fees for administrative services for the Plans to ensure that the Plans paid reasonable fees for the services provided.
What Is The Class Action About. In the Class Action, Class Representatives claim that, during the Class Period, Defendant violated 29 U.S.C. §1104 by causing the Plan to pay excessive investment management and administrative fees, and that the Plan’s fiduciaries should have made different investment option choices with regard to certain funds in the Plan’s investment lineup. Defendant has denied and continues to deny the claims and contentions of the Class Representatives, that it is liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendant could or should be held responsible, as Defendant contends that it acted prudently and in keeping with its fiduciary responsibilities under ERISA by monitoring, reviewing and evaluating the Plan’s investment options, by monitoring, reviewing and evaluating the administrative fees paid by the Plan, by eliminating or adding investment options when appropriate and by negotiating fees for administrative services for the Plan to ensure that the Plan paid reasonable fees for the services provided.
What Is The Class Action About. In the Class Action, the Class Representative claims that Defendants failed to prudently and loyally manage the Plans’ investment lineup in the best interests of participants and beneficiaries, gave an improper preference to investment options managed by companies affiliated with the Plans’ sponsor, McKinsey, and failed to monitor the Plans’ recordkeeping expenses. The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries. Defendants believe that the Plans’ investment options performed well, and that the Plans’ fees were reasonable and appropriate.
What Is The Class Action About. In the litigation, Class Representatives claim that, during the Class Period, Defendants violated the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. 1001 et seq. with respect to the management, operation and administration of the Anthem Plan. Defendants have denied and continue to deny the allegations, claims and contentions of the Class Representatives, deny that they are liable at all to the Class, and deny that the Class or the Plans have suffered any harm or damage for which Defendants could or should be held responsible, as Defendants deny all allegations of wrongdoing and deny that the Plans suffered harm or damage from those claims.
What Is The Class Action About. In the Class Action, the Class Representatives claim that Defendants breached their fiduciary duties and engaged in prohibited transactions to the detriment of the Plan and its participants. The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries.
What Is The Class Action About. In the Class Action, the Class Representatives alleged that during the Class Period Defendants violated the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. §1132, et seq., with respect to their operation and administration of the Plan. In relevant part, they alleged Defendants caused the Plan to pay unreasonable administrative and investment expenses and invest in the Insperity Horizon Risk- Managed target date funds, which Plaintiffs claim were unlawfully added to the Plan. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible, as Defendants contend that they acted prudently and in keeping with their fiduciary responsibilities under ERISA by monitoring, reviewing and evaluating the Plan’s investment options, by monitoring, reviewing and evaluating the administrative fees paid by the Plan, by eliminating or adding investment options when appropriate and by ensuring the Plan paid reasonable fees for the services provided.
What Is The Class Action About. In the Class Action, Class Representatives claim that, during the Class Period, Defendants breached their fiduciary duties and engaged in prohibited transactions by distributing Plan assets to Northrop Grumman as payment for administrative services and investment-related services it provided to the Plan. Plaintiffs also claim that Defendants breached their fiduciary duties by maintaining active managers in the Plan’s Emerging Markets Equity Fund. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible.
What Is The Class Action About. In the Class Action, Class Representatives claim that, during the Class Period, Defendants breached their fiduciary duties and engaged in prohibited transactions by distributing Plan assets to Northrop Grumman as payment for administrative services and investment-related services it provided to the Plan. Plaintiffs also claim Case 2:16-cv-06794-XX-XX Document 321-1 Filed 01/13/20 Page 57 of 66 Page ID #:26638 that Defendants breached their fiduciary duties by maintaining active managers in the Plan’s Emerging Markets Equity Fund. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible.
What Is The Class Action About. In the Class Action, Class Representatives claim that, during the Class Period, Defendants violated federal law by allowing the Plan’s recordkeeper to receive excessive fees from the Plan and by imprudently including excessively-expensive mutual funds, including the Small Cap Fund, as well as including the excessively- volatile Technology Sector Fund and by holding excessive cash positions within the Company Stock Fund, reducing the returns of the Fund. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible.
What Is The Class Action About. In the Class Action, the Class Representatives claim that Defendants failed to prudently and loyally manage the Plan’s investment lineup in the best interest of participants and beneficiaries, gave an improper preference to investment options managed by companies affiliated with the Plan’s sponsor (M&T Bank), and failed to prudently monitor the Plan’s recordkeeper. The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries. M&T Bank believes the Plan provides a generous benefit.
