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Schlichter, Bogard & Denton Granted Final Approval of $35 Million Settlement for Cigna Employees and Retirees Over Disputes in the Handling of the Cigna 401(k) Plan

Schlichter, Bogard & Denton, a St. Louis law firm, achieved final approval of its $35 million settlement on behalf of Cigna employees and retirees with Cigna Corporation and Prudential Retirement Insurance and Annuity Company (PRIAC) of Nolte, et al. v. Cigna Corp., et al. Case No. 07-02046 in the U.S. Federal Court for the Central […]

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Another Victory for Schlichter, Bogard & Denton, LLP – Federal District Court Grants Class Action Status to Boeing 401(k) Plan Participants

On September 19, 2013, Chief Judge David R. Herndon of the United States District Court for the Southern District of Illinois granted class certification to participants in the Boeing 401(k) Plan, regarding claims that Boeing personnel responsible for managing the plan breached their fiduciary duties under the Employee Retirement Income Security Act (“ERISA”), by: (1) […]

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Schlichter, Bogard & Denton Announce Their Investigation of CDL Training Industry, including Driver’s Solution, C1 Truck Driver Training, LLC, and Pyramid Financial Solutions, LLC

Long-haul truck driving in not for everyone. In fact, turnover in the industry waivers around 100% and the New York Times reports that 40% of new drivers do not make it 90 days. However, many potential drivers are lured into the industry through company-paid programs requiring them to work 12-months or longer for a single carrier. […]

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Plan Sponsor Council of America Releases 403(b) Plan Survey

The Plan Sponsor Council of America, an association of 1,200 companies who offer retirement plans, released its 2013 403(b) plan survey recently. The survey was sponsored by Principal Financial Group and reports on the 2012 plan-year experience of 573 not-for-profit organizations. The survey underscores that many employers continue to struggle with their fiduciary duties to […]

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401(k) Fees for Mutual Funds at 15 Year Low

According to the Investment Company Institute (“ICI”), a mutual fund industry group, the average expense ratios for equity, bond, and hybrid mutual funds fell to their respective lowest levels in 2012. The ICI arrived at this conclusion by comparing the average expense ratio of each mutual fund category to data it had compiled over the […]

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Seventh Circuit Favors 401(k) Plan Investors in Dispute Against Lockheed Martin

  On August 7, 2013, the Seventh Circuit Court of Appeals handed down its decision in Abbott v. Lockheed Martin, unanimously overturning an earlier denial of class certification in a case concerning one of the country’s largest 401(k) plans. Judge Diane Wood, writing for a panel of Judges, ruled that a class could be certified […]

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Employee Protections Regarding Socially Responsible Retirement Plans

Increasingly, 401(k) and 403(b) plans have added socially responsible or environmentally green funds to lineups, as these funds have been increasingly willing to pay kickbacks — called revenue sharing — to plan recordkeepers. To the Department of Labor, these funds are part of a broad category of investments called “economically targeted investments”, which the DOL […]

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Another influential party to back employees in ABB 401(k) appeal

Recently, AARP joined the ranks of outside parties, including the U.S. Department of Labor, filing briefs on behalf of ABB employees and retirees, represented by Schlichter, Bogard & Denton of St. Louis, who are currently embroiled in a fight to preserve a $37 million judgment against ABB and Fidelity. The brief comes to the Eighth […]

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DOL Sides With Employees Who Successfully Fought 401(k) Plan Fees

Fidelity and ABB’s appeal of a $37 million judgment — plus attorneys’ fees —  against them was dealt another blow when the Department of Labor (“DOL”) registered its view with the Court of Appeals, siding with the employees and retirees of ABB. The Judgment came after a four-week trial in which the ABB employees, represented […]

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Schlichter Bogard & Denton Reaches Tentative Settlement with Cigna Corporation et al.

Schlichter, Bogard & Denton, a St. Louis law firm, today announced it has reached a tentative settlement with Cigna Corporation and Prudential Retirement Insurance and Annuity Company (PRIAC) of Nolte, et al, v. Cigna Corp., et al. Case No. 07-02046 in the U.S. Federal Court for the Central District of Illinois. The case involves disputes […]

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