On February 21, 2019 attorneys for Andrew Wong, a participant in the T-Mobile USA Inc. 401(k) Retirement Savings Plan & Trust, filed a class action complaint in the U.S. District Court of Massachusetts against FMR LLC, Fidelity Management Research Company, Fidelity Management Trust Company and several other affiliates. The basis for the lawsuit relates to
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Self-Dealing
Federal Court Determines that Employer Use of Employee Health Insurance Premium Payments Breach of ERISA Fiduciary Duties
By Jeffrey Cairns on
On November 9, 2015, Minnesota Federal District Judge Susan Richard Nelson ruled that the president and CEO of Faribault Woolen Mills Company breached his fiduciary duties under ERISA by diverting Employee health insurance premiums toward corporate and personal use. The lawsuit was brought by the U.S. Department of Labor.
Facts:
Faribault Woolen Mills (the…
Ameriprise Avoids Trial On Class Action Suit By Current and Former Employees With $27.5 Million Payment
By Jeffrey Cairns on
In 2011, a group of current and former employees filed a class action lawsuit in the District Court of Minnesota claiming that Ameriprise Financial, Inc. and members of its 401(k) Plan fiduciary committee had breached their fiduciary duty to the Plan participants and engaged in self-dealing. The specific actions generating the lawsuit were the selection…