The 401(k) retirement plan participants allege that the Plan’s fiduciaries selected and retained certain actively managed funds with excessively high fees that underperformed other available alternatives including lower-cost index funds. They also allege that the Plan’s fiduciaries failed to properly monitor potentially conflicted dual-registered advisors and their commissions. Plaintiffs’ allegations “taken as a whole are sufficient to make out a claim of breach of the duty of prudence.”
Over $1 Billion Recovered For Past Clients
Firm News
Washington University Employees Seek Class Certification In ERISA Lawsuit
June 23, 2021, St. Louis, Missouri – Current and former employees of Washington University in St. Louis have filed a Reply Brief in further support of their motion for class certification in their lawsuit against their fiduciaries of University’s 403(b) retirement...
Estee Lauder Must Face Class Action Alleging Financial Imprudence in Management of Company’s 401(k) Retirement Plan
June 8, 2021, New York, NY – U.S. District Judge Jesse Furman rejected a motion to dismiss an ERISA class action lawsuit pursued by five current and former employees of Estee Lauder Inc. Plaintiffs argue that they fell victim to unreasonably high fees associated with...
Eric Lechtzin Selected For Super Lawyers 2021
Edelson Lechtzin LLP is pleased to announce that Co-Managing Partner, Eric Lechtzin, has been selected for Super Lawyers 2021. This marks Mr. Lechtzin’s 5th consecutive selection in the area of Class Action and Mass Torts in Pennsylvania. Being recognized as a Super...
NACA Pennsylvania State Chair, Eric Lechtzin, Supports Rescinding OCC Lending Rule
Washington, D.C., April 27, 2021 -- Eric Lechtzin, the Pennsylvania State Chair of the National Association of Consumer Advocates (NACA), joined leaders from 36 states in signing a letter to the U.S. Congress demanding that it immediately pass a resolution to rescind...