Employee Benefits and Retirement Security Successes

 

Keller Rohrback and its attorneys have achieved many notable successes for its ESOP clients in all phases of litigation, all of which resulted in multi-million dollar settlements that were distributed to ESOP participants and beneficiaries or their ESOP accounts. Click on a toggle for more information about our successes. To view our current ERISA cases, click here. 

AIG

2008 – Settlement valued at $24.2 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In Re AIG ERISA Litigation in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the AIG Incentive Savings Plan, the American General Employees’ Thrift and Incentive Plan, the American General Agents’ and Managers’ Thrift Plan, and the CommoLoCo Thrift Plan. The Consolidated Complaint alleged that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members. A Settlement Agreement approved in 2008 provided that the Defendants agreed to pay $24.2 million in cash to settle the claims asserted.

Bartell Drugs

2001 – Monumental Title VII victory paved the way for implementation of non-discriminatory prescription coverage in employee benefit plans, including coverage for women-only expenses.

Keller Rohrback L.L.P. was proud to represent the Plaintiff class in Erickson v. Bartell Drug Co. In the landmark opinion issued in that case, Erickson v. Bartell Drug Co., 141 F.Supp.2d 1266 (W.D. Wash. 2001), Judge Robert Lasnik held that when an otherwise extensive health plan covers almost all drugs and devices used by men, the exclusion of prescription contraceptives creates a Read More

Bear Stearns Companies Inc.

2012 – Settlement valued at $10 million.

Keller Rohrback L.L.P. represented Plaintiffs and a Class of all persons who were participants in or beneficiaries of The Bear Stearns Cos. Inc. Employee Stock Ownership Plan during the Class Period and whose accounts included investments in Bear Stearns common stock, alleging that Defendants breached their fiduciary duties to Plaintiffs and the Class members by failing to prudently and loyally manage the Plan?s assets, failing to avoid conflicts of interest, and failing to monitor co-fiduciaries. A settlement approved in 2012 provided for a payment of $10 million.  Read more…

Beazer Homes USA

2010 – Settlement valued at $5.5 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Consolidated Amended Complaint in this action in the United States District Court for the Northern District of Georgia on behalf of Plaintiffs and a class of all persons who were participants in or beneficiaries of the Beazer Homes USA, Inc. 401(k) Plan between July 28, 2005 and May 12, 2008 and whose accounts included investments in Beazer Homes common stock. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class in a number of ways. In 2010, a settlement provided for a payment of $5.5. million for the benefit of a settlement class. Read more…

BellSouth Corporation

2006 – Settlement included terms involving matching contributions, matching percentages, and investment options meant to provide valuable relief to Plaintiffs in the form of increased retirement investment security.

Keller Rohrback L.L.P. and Co-Counsel filed the Complaint in In re BellSouth Corporation ERISA Litigation in the United States District Court for the Northern District of Georgia on behalf of Plaintiffs and a Class of persons who were participants in or beneficiaries of the BellSouth Savings and Security Plan and the BellSouth Retirement Savings Plan, alleging that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. A final settlement was approved in 2006 with terms involving matching contributions, matching percentages, and investment options meant to provide valuable relief to Plaintiffs in the form of increased retirement investment security. The settlement Class included participants and beneficiaries from January 22, 2001 through July 28, 2006 (the date of preliminary approval of the settlement).

CMS Energy Corporation

2006 – Settlement valued at $28 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re CMS Energy ERISA Litigation Complaint in the United States District Court for the Eastern District of Michigan on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Employees’ Savings and Incentive Plan of Consumers Energy Company from August 3, 2000 through December 27, 2004, alleging that Defendants breached their fiduciary duties to Plaintiffs and Class members in numerous ways. A settlement of $28 million (less attorneys’ fees and costs) paid claims to persons who were participants and beneficiaries of CMS Plans during that time period.

Colonial BancGroup Inc.

2012 – Settlement valued at $2.5 million.

Keller Rohrback and Co-Counsel filed the In re Colonial BancGroup, Inc. ERISA Litigation in the United States District Court for the Middle District of Alabama on behalf of Plaintiffs and a class of all persons who were participants in or beneficiaries of The Colonial BancGroup 401(k) Plan between April 18, 2007 and August 25, 2009 and whose Plan account included investments in Colonial common stock. Plaintiffs alleged in the Complaint that during the Class Period Defendants breached their fiduciary duties to Plaintiffs and the class in numerous ways. A settlement approved in 2012 provided for a payment of $2.5 million. Read more…

Countrywide Financial Corp.

2009 – Settlement valued at $55 million.

Several related complaints were filed in the United States District Court for the Central District of California on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Countrywide Financial Corp. 401(k) Savings and Investment Plan between January 31, 2006 and July 1, 2008 and whose accounts included investments in Countrywide common stock, alleging that Defendants breached their fiduciary duties to Plaintiffs and the Class in numerous ways. In a settlement agreement approved in 2009 Defendants agreed to pay $55 million in cash from available insurance policies. Read more…

Delphi Corp.

2010 – Settlement agreement based on insurance payments and other consideration.

Keller Rohrback L.L.P. and Co-Counsel filed the Delphi ERISA Consolidated Complaint in the United States District Court for the Eastern District of Michigan on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the following Delphi-sponsored, defined-contribution plans: (1) the Delphi Savings-Stock Purchase Program for Salaried Employees in the United States; (2) the Delphi Personal Savings Plan for Hourly-Rate Employees in the United States; (3) the ASEC Manufacturing Savings Plan; and (4) the Delphi Mechatronic Systems Savings-Stock Purchase Program from May 28, 1999 to November 1, 2005 and whose accounts included investments in Delphi or General Motors (‘GM’) common stock. Plaintiffs alleged that during that period the Defendants breached numerous fiduciary duties to Plaintiffs and the Class. In 2009 an amended settlement agreement was approved based on insurance payments and other consideration.  Read more…

Dynegy

2004 – Settlement valued at $30.75 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re Dynegy, Inc. ERISA Litigation Complaint in the United States District Court for the Southern District of Texas, Houston Division, on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of Dynegy, Inc. 401(k) Savings Plan (formerly known as the Dynegy Inc. Profit Sharing 401(k) Savings Plan and the NGC Profit Sharing/401(k) Savings Plan) between April 27, 1999 and January 30, 2003. The Court approved a final settlement wherein Defendants agreed to reimburse Plaintiffs for $30.75 million cash in alleged losses.

Electronic Data Systems Corp.

2008 – Settlement valued at $12.5 million plus significant 401(k) Plan improvements.

Keller Rohrback and Co-Counsel filed the In re Electronic Data Systems Corporation ERISA Litigation Complaint in the United States District Court for the Eastern District of Texas, Tyler Division, on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the EDS 401(k) Plan Read More…

Enron Corp.

2005/06 – Settlements valued at over $265 million in cash.

In 2001 Keller Rohrback L.L.P. and Co-Counsel filed Tittle v. Enron Corp. in the United States District Court for the Southern Division of Texas on behalf of Plaintiffs and a class of all persons who were participants in or beneficiaries of the Enron Corporation Savings Plan, the Enron Corporation Employee Stock Ownership Plan or the Enron Corporation Cash Balance Plan between January 20, 1998 and December 2, 2001. The Complaint alleged multiple breaches of fiduciary duty. Plaintiffs settled the cases in 2005 and 2006 for cash payments totaling over $265 million.

Ford Motor Co.

2011 – Settlement provided for remedial provisions to enhance the ability of class members to save for retirement.

Keller Rohrback L.L.P. and Co-Counsel filed the Consolidated Complaint in this ERISA litigation in the United States District Court Eastern District of Michigan, Southern Division, on behalf of all persons who were participants in or beneficiaries of the following Ford-sponsored, defined-contribution plans: (1) the Ford Motor Co. Savings and Stock Investment Plan for Salaried Employees, and (2) the Ford Motor Co. Tax Efficient Savings Plan for Hourly Employees between April 15, 2000 and August 27, 2010 and whose accounts included investments in Ford Motor Co. common stock. Plaintiffs allege that Defendants breached their fiduciary duties to Plaintiffs and Class members by failing to prudently and loyally manage the Plans’ assets and failing to monitor fiduciaries. In a 2011 Settlement Agreement, Ford agreed to implement remedial provisions to enhance the ability of class members to save for retirement.  Read more…

Fremont General Corp.

2011 – Settlement valued at $21 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Consolidated Complaint in this action in the United States District Court for the Central District of California. This litigation is on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Fremont General Corp. and Affiliated Cos. Investment Incentive Plan, and the Fremont General ESOP between January 1, 2005, and December 31, 2008 and whose accounts included investments in Fremont General common stock. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class in numerous ways. The Court approved a settlement in 2011 providing for a payment of $21 million.

Global Crossing Ltd.

2004 – Settlement valued at approximately $58 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re Global Crossing LTD. et al. ERISA Litigation Complaint in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Global Crossing Employees? Retirement Savings Plan or the Frontier Group Bargaining Unit Employees Retirement Savings Plan between September 28, 1999 and December 8, 2003. Settlement proceeds of approximately $58 million were disbursed after the Court approved settlement in 2004.

Goodyear Tire & Rubber Co.

2008 – Settlement valued at approximately $8.38 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re Goodyear Tire & Rubber Company ERISA Litigation Complaint in the United States District Court for the Northern District of Ohio, Eastern Division, on behalf of Plaintiffs and a Class who were participants in or beneficiaries of the Goodyear Tire & Rubber Company Savings Plan for Salaried Employees or the Goodyear Tire & Rubber Company Savings Plan for Bargaining Unit Employees, and their predecessor plans, for whose individual accounts the Plans held shares of Goodyear company stock. The Complaint alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2007, the Court approved a cash settlement of approximately $8.38 million to be paid from Defendants? insurance policies. The settlement class included plan participants and beneficiaries from April 15, 1998 to December 12, 2007 (the date of the preliminary approval order).

HealthSouth Corp.

2006 – Settlement valued at $28.85 million.

Keller Rohrback and Co-Counsel filed the In re HealthSouth et al., ERISA Litigation Complaint in the United States District Court for the Northern District of Alabama Southern Division on behalf of Plaintiffs and a Class of persons who were participants in or beneficiaries of the HealthSouth Rehabilitation Corporation and Subsidiaries Employee Stock Benefit Plan, for whose individual accounts the Plan held shares of HealthSouth stock. The Complaint alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class by failing to loyally and prudently manage and administer the Plan and Plan assets and failing to properly monitor plan fiduciaries and provide fiduciary appointees with material information in order to prudently manage the plan and the plan assets. The Court approved a cash settlement of $28.85 million in 2006. The Class included participants and beneficiaries of the plan between January 1, 1998 and June 27, 2006 (the date of the fairness hearing).

Household Int'l, Inc.

2004 – Settlement valued at $46.5 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re Household International, Inc. ERISA Litigation Complaint in the United States District Court for the Northern District of Illinois Eastern Division on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Household International, Inc. Tax Reduction Investment Plan at any time between July 23, 2001 and March 28, 2003. In 2004, the Court approved a settlement of $46.5 million.

IndyMac Bancorp, Inc.

2011 – Settlement valued at $7 million.

Keller Rohrback and Co-Counsel filed the Consolidated Complaint in this action in the United States District Court Central District of California. This litigation is on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the IndyMac Bank, F.S.B., 401(k) Plan between July 1, 2006 and June 1, 2010, and whose accounts included investments in IndyMac Bancorp, Inc. common stock. Plaintiffs alleged that Defendant breached their fiduciary duties to Plaintiffs and the class in numerous ways. In 2008, the Court consolidated the various pending ERISA cases and appointed Keller Rohrback L.L.P. as Interim Co-Lead Counsel. A 2011 settlement provided for a payment of $7 million. Read More…

JPMorgan Chase & Company

2010 – Settlement provided for financial planning assistance and other benefits to the class.

Keller Rohrback L.L.P. represented Plaintiffs who were participants in JPMorgan Chase Retirement Plans along with a Class of similarly situated persons, alleging that Defendants breached numerous fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (as amended) (?ERISA?). The Court approved a settlement in 2010 involving financial planning assistance and other benefits to the Class. Read more…

Krispy Kreme Doughnuts, Inc.

2007 – Settlement valued at $4.75 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Smith v. Krispy Kreme Doughnut Corporation ERISA Complaint in the United States District Court for the Middle District of North Carolina on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Krispy Kreme Doughnut Corporation Retirement Savings Plan and the Krispy Kreme Profit Sharing Stock Ownership between January 1, 2003 and May 15, 2006. Plaintiffs alleged that Defendants breached their fiduciary duties in numerous ways. In 2007, the Court approved a cash settlement of $4.75 million.

Lucent Technologies, Inc.

2004 – Settlement valued at $69 million.

Keller Rohrback was appointed Co-Lead Counsel in this class action brought on behalf of participants and beneficiaries of the Lucent defined contribution plans that invested in Lucent stock Read More…

Madoff Direct and Feeder Fund

2013 – Settlement valued at $219 million.

Keller Rohrback and Co-Counsel filed an individual, direct action titled Hartman, et al., v. Ivy Asset Management L.L.C., et al. on behalf of the trustees of 17 employee benefit plans in New York State. The action alleged that Ivy Asset Management and J.P. Jeanneret Associates, as well as certain individuals at those firms, breached their fiduciary duties in violation of the Employee Retirement Income Security Act of 1974 (as amended) (?ERISA?) by causing the Plans to be invested directly and/or indirectly in Madoff. On March 15, 2013, the Honorable Colleen McMahon of the United States District Court for the Southern District of New York entered an order approving a $219,857,694 settlement in this case and related actions. The settlement culminates several lawsuits brought by settling plaintiffs, including the United States Secretary of Labor and the New York Attorney General, against the settling defendants. Final judgment in these cases was entered on May 29, 2013.

Marsh & McLennan Cos. Inc.

2010 – Settlement valued at $35 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In Re Marsh ERISA Litigation Consolidated Complaint in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Marsh & McLennan Companies Stock Investment Plan between July 1, 2000 and January 31, 2005. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2010, the Court approved a settlement of $35 million. Read more…

Merck & Co., Inc.

2011 – Settlement valued at $49.5 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Merck Co., Inc. ERISA Litigation in the United States District Court for the District of New Jersey on behalf of Plaintiffs and a Class of persons who were participants in or beneficiaries of the Merck & Co., Inc. Employee Savings & Security Plan, the Merck & Co., Inc. Employee Stock Purchase & Savings Plan, the Merck Puerto Rico Employee Savings & Security Plan and the Merck-Medco Managed Care, LLC 401(k) Savings Plan at any time between October 1, 1998 and September 30, 2004, and whose Plan accounts were invested in the Merck Common Stock Fund and/or Merck common stock. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2011, the Court approved a settlement providing for the payment of $49.5 million. Read more…

Merrill Lynch & Co., Inc.

2009 – Settlement valued at $75 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Consolidated Supplemental Complaint in the United States District Court Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the following Merrill Lynch sponsored plans: (1) the Merrill Lynch & Co., Inc. 401(k) Savings and Investment Plan; (2) the Merrill Lynch & Co., Inc. Retirement Accumulation Plan; and (3) the Merrill Lynch & Co., Inc. Employee Stock Ownership Plan (collectively, the ‘Plans’), and whose accounts included investments in Merrill Lynch common stock during the Proposed Class Period. Plaintiffs alleged that during the Class Period the Defendants breached their fiduciary duties to Plaintiffs and the Class in numerous ways. In 2009, the Court approved a settlement of $75 million. Read more…

Mirant Corp.

2006 – Settlement valued at $9.7 million.

Keller Rohrback L.L.P. was involved in litigating the In re Mirant Corporation ERISA Litigation, filed in the United States District Court for the Northern District of Georgia, Atlanta Division. In 2006, the Court approved a $9.7 million dollar settlement for losses suffered by the Settlement Class, defined as: All persons who were participants or beneficiaries of the Mirant Services Employee Savings Plan or the Mirant Services Bargaining Unit Employee Savings Plan at any time between September 27, 2000 and July 22, 2003 and whose account(s) included investments in Mirant stock or the Mirant Company Stock Fund.

Mortgages Ltd.

2012 – Settlement valued at over $3 million.

Keller Rohrback P.L.C. represented Plaintiffs in this litigation alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). Plaintiffs alleged that the Mortgages Ltd. pension plan’s fiduciaries failed to diversify the plan’s assets, instead investing all of the plan’s assets in a few speculative real estate investments, all of which were geographically concentrated in or near Phoenix, Arizona. A 2012 settlement was for the full policy limits of the defendant’s fiduciary insurance policy  $3 million  plus an offset of the defendants plan account, worth several hundred thousand dollars.

Nortel Networks Corp.

2012 – Settlement valued at $21.5 million.

Keller Rohrback L.L.P. is one of three law firms serving as Lead Counsel for the named Plaintiffs and the Class members in the class action entitled In re Nortel Networks Corp. ‘ERISA’ Litigation, in the Middle District of Tennessee. The Court approved a settlement in 2012 resolving all claims and counterclaims and providing for a total payment of approximately $21.5 million. The Settlement Class consists of: ?(a) all participants, whether active, inactive, or retired, in the Plan who held Nortel stock in their 401(k) individual accounts at any time from March 7, 2000, through January 1, 2008, and (2) as to each person within the scope of subsection (a) of this paragraph, his, her, or its beneficiaries, alternate payees (including spouses of deceased Plan participants), representatives, or successors-in-interest; provided, however, that the Class shall not include (i) the Settling Defendants; (ii) members of the immediate families of each of the Settling Defendants; and (iii) the legal representatives, heirs, predecessors, successors, or assigns of any such excluded person or entity. Read more…

Oneida Ltd.

2010 – Settlement valued at $1.85 million.

Keller Rohrback L.L.P. and Keller Rohrback P.L.C., together with Co-Counsel, filed the Lilly, et al. v. Oneida Ltd. Employee Benefits Admin. Committee, et al. Complaint in the United States District Court Northern District of New York, alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). The Complaint was filed on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Oneida Ltd. Employee Stock Ownership Plan from May 28, 2003 to March 20, 2006 and whose accounts included investments in Oneida Ltd. common stock. Plaintiffs alleged that during the Class Period, Defendants breached their fiduciary duties to Plaintiffs and the Class by failing to prudently and loyally manage the Plan’s assets and failing to monitor fiduciaries. In 2010, the Court approved a cash settlement of 1.85 million.  Read more…

Polaroid Corp.

2007 – Settlement valued at $15 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re Polaroid ERISA Litigation Amended Consolidated Complaint in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Polaroid Retirement Savings Plan at any time between October 1, 1999 and January 15, 2003 and whose accounts included investments in Polaroid stock. Plaintiffs alleged that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2007, the Court approved a settlement providing that Individual Polaroid Defendants agreed to pay 12 million dollars, and Defendant State Street agreed to pay three million dollars into a Settlement Fund.

Sitrick and Co.

2012 – Settlement valued at $6.25 million.

Keller Rohrback represented Plaintiffs on behalf of the Sitrick And Company Employee Stock Ownership Plan (the “ESOP”) in this lawsuit in the United States District Court for the Central District of California against Michael S. Sitrick, Nancy Sitrick, the Michael and Nancy Sitrick Trust, Sitrick and Company, Inc. (the “Sitrick Defendants”), and Defendant Reliance Trust Company (“Reliance”), (collectively, Defendants”). Read More...

Southern Co.

2007 – Settlement valued at $15 million.

This Action was commenced in June 2004. On November 23, 2005, Keller Rohrback and Co-Counsel filed an Amended Complaint on behalf of Plaintiff Mark T. Spivey and a Class of similarly situated persons, alleging that Defendants Southern Company, Southern Company Services, Inc., Employee Savings Plan Committee, Pension Fund Investment Review Committee, and individual Defendants breached their duties under the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’) by making Mirant Stock available as an investment option under the Southern Company Employee Savings Plan, and caused the Plan to hold units of Mirant Stock at a time when, according to Plaintiff, Mirant Stock was an unsuitable and imprudent investment for the Plan. In 2007, the Court approved a settlement providing for payment of $15 million into a Settlement Fund on behalf of a Settlement Class.

State Street Bank and Trust Co.

2010 – Settlement valued at $89.75 million.

On February 7, 2008, Judge Richard J. Holwell appointed Keller Rohrback L.L.P. as Co-Lead Counsel and interim class counsel in this consolidated class action case, which alleges that defendant State Street Bank and Trust Company and its affiliate, State Street Global Advisors, Inc. breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by failing to prudently manage the assets of ERISA plans invested in State Street fixed income funds during 2007. In 2010, the Court approved a cash settlement of $89.7 million.

Syncor Int'l Group

2008 – Settlement valued at $4 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Brown, et al. v. Syncor International Corp. et al., Complaint in the United States District Court for the Central District of California, alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). The Complaint was filed on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Syncor International Corporation Employees? Savings and Stock Ownership Plan between July 26, 2000 and January 1, 2003. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2008, the Court approved a settlement of $4 million.

Tharaldson Motels, Inc.

2013 – Settlement valued at $15 million.

In this action, Plaintiffs and similarly situated Class members sought to recover losses which they alleged were suffered by the Tharaldson Motels, Inc. Employee Stock Ownership Plan as a result of breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’) by Defendants. In February 2013, the United States District Court for the District of North Dakota approved a settlement providing a $4 million cash payment and $11 million to be credited against principal owing under the ESOP Notes

Tyco Int'l Inc.

2009 – Settlement valued at $70.53 million.

Keller Rohrback L.L.P. was involved in this Employee Retirement Income Security Act (as amended) (‘ERISA’) litigation brought on behalf of all participants in the Tyco International (US) Inc. Retirement Savings Plans I-VII, including all predecessor plans, during the period from August 12, 1998 through July 25, 2002. Izard Nobel LLP (f/k/a/ Schatz Nobel Izard, P.C.) was appointed as Co-Lead Counsel by the United States District Court for the District of New Hampshire. The ERISA Plaintiffs filed their Consolidated Amended Complaint on February 3, 2003. The Complaint alleges that Defendants (a) failed to disclose hundreds of millions of dollars of corporate assets provided to senior executives, (b) omitted the disclosure of hundreds of acquisitions, (c) engaged in numerous improper accounting techniques, and (d) improperly reported Tyco’s financial results. On December 2, 2004, the Court denied Defendants’ motion to dismiss. With the assistance of a mediator, the parties reached a settlement agreement in the amount of $70.525 million. On November 23, 2009, the Court granted final approval of the settlement.

Visteon Corp.

2007 – Settlement valued at $7.6 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In Re Visteon Corp., ERISA Litigation Complaint in the United States District Court for the Eastern District of Michigan on behalf of Plaintiffs and a Class of persons who were participants in or beneficiaries of the Visteon Investment Plan and the Visteon 401(k) Savings Plan (formerly known as the Visteon Investment Savings Plan for Hourly Employees) during the proposed class period and whose accounts in either of the Plans included investments in Visteon common stock. Plaintiffs alleged that the fiduciaries responsible for the Visteon Investment Plan and the Visteon 401(k) Savings Plan made imprudent decisions leading to significant losses to the Plans and thus to the Plans? participants. In 2007, the Court approved a cash settlement of $7.6 million.

Wachovia Corp.

2011 – Settlement valued at over $12.35 million.

Keller Rohrback and Co-Counsel filed the Consolidated Complaint in this litigation in the United States District Court Western District of North Carolina, alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). The Consolidated Complaint was filed on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Wachovia Savings Plan and/or the A.G. Edwards, Inc. Retirement and Profit Sharing Plan. Plaintiffs alleged that during the Class Period Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2011, the Court approved a settlement providing for a payment of over $12 million to a Settlement Class.  Read more…

Wal-Mart Stores, Inc.

2012 – Settlement valued at $13.5 million plus participant education and commitment to provide future low-cost investment options.

Keller Rohrback was involved in litigating this class action lawsuit against Wal-Mart Stores, Inc. and certain of its current and former directors and officers and Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Trust Company of America, and Merrill Lynch & Co. Inc. Plaintiffs who were participants in the Wal-Mart Stores, Inc. Profit Sharing and 401(k) Plan alleged breaches of fiduciary duties. In particular, the lawsuit alleged that certain fees and expenses charged to the Plan and to certain individual Plan participant accounts by mutual fund companies and collected by Merrill Lynch were excessive in light of the size of the Plan and that these excessive fees were charged without properly disclosing them to Wal-Mart, the Plan, or Plan participants. In 2012, the Court approved a settlement providing for a $13.5 million payment to the Plan for reduction of future fees in addition to providing for the Retirement Plans Committee?s continued offering of low-cost investment options, new information about fees, and improvements to participant education about saving for retirement. Read more…

Washington Mutual, Inc. (Pension Plan)

2010 – Settlement valued at $20 million.

This case involves allegations that the WaMu Pension Plan?s cash balance design and the Great Western Retirement Plan’s cash balance design violated the law governing pensions and that the notices that Washington Mutual and Great Western provided to employees regarding the cash balance formulas did not adequately disclose that the amendments would cause significant reductions to the rate of future benefit accrual. Keller Rohrback L.L.P. filed the WaMu Pension Plan Complaint in the United States District Court for the Western District of Washington on June 12, 2007 on behalf of Plaintiffs and the Class, alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). In 2010, the Court approved a settlement providing for a payment of $20 million to the Plan for the benefit of several Settlement subclasses. Read More…

Washington Mutual, Inc. (Savings Plan)

2011 – Settlement valued at $49 million.

Keller Rohrback L.L.P. and Co-Counsel filed the Consolidated Second Amended Complaint in this litigation in the United States District Court Western District of Washington, alleging violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). The Complaint was filed on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of the Washington Mutual Savings Plan between October 19, 2005 and September 26, 2008 and whose accounts included investments in Washington Mutual common stock during the Class Period. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and the Class members in numerous ways. In 2011, the Court approved a settlement providing for a payment of $49 million to the Plan for the benefit of a Settlement Class.

Williams Companies

2005 – Settlement valued at $55 million, plus equitable relief.

Keller Rohrback and Co-Counsel filed the In re Williams Companies ERISA Litigation Complaint in the United States District Court for the Northern District of Oklahoma on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of The Williams Companies, Inc. Investment Plus Plan, for whose individual accounts the Plan held shares of Williams Companies stock (WMB) or Williams Communications Group stock (WCG), at any time between July 24, 2000 and December 12, 2002. Plaintiffs alleged that Defendants breached their fiduciary duties to Plaintiffs and Class members in numerous ways. In 2005, the Court approved a cash settlement of $55 million, plus equitable relief.

WorldCom, Inc.

2005 – Settlements valued at $48.29 million.

Keller Rohrback L.L.P. and Co-Counsel filed the In re WorldCom, Inc. ERISA Litigation Complaint in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a Class of all persons who were participants in or beneficiaries of WorldCom 401(k) Salary Savings Plan between September 14, 1998 and July 21, 2002 for violations of the Employee Retirement Income Security Act of 1974 (as amended) (‘ERISA’). In 2005, the Court gave final approval to three WorldCom ERISA settlements, including a $47.15 million partial settlement in the WorldCom ERISA litigation that resolved the case against WorldCom and some other Defendants, an agreement by Bernie Ebbers to pay an additional $450,000, an agreement by Scott Sullivan to pay an estimated $485,000 from his assets, and an agreement by Merrill Lynch to forego payment of up to $200,000 for some services it has provided to the Plan as well as an agreement to dismiss its pending appeal in exchange for the ERISA Plaintiffs’ agreement to dismiss their pending appeal.

Xerox Corp.

2009 – Settlement valued at $51 million.

Keller Rohrback and Co-Counsel filed the Complaint in this litigation in the United States District Court for the District of Connecticut on behalf of all current and former participants and beneficiaries of The Xerox Corporation Savings Plan or The Savings Plan of Xerox Corporation and the Xerographic Division, UNITE HERE (Formerly ‘The Savings Plan of Xerox Corporation and the Xerographic Division, Union of Needletrades, Industrial and Textile Employees, A.F.L.-C.I.O.-C.L.C.’) for whose individual accounts the Plans purchased and/or held interests in the Xerox Stock Fund at any time during the period May 12, 1997 through and including June 28, 2002. In 2009, the Court approved a settlement providing for a payment of $51 million to the Plan accounts of members of the Settlement Class who suffered losses as the result of investment of their Plan accounts in the Xerox Stock Fund. In addition, the Settlement contains provisions relating to the ongoing administration of the Plans and management of their assets. Read more…

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