Employee Benefits & Retirement Security & Employment Law Successes
Keller Rohrback’s Employee Benefit Class Action Group is a leader in Employee Retirement Income Security Act of 1974 (ERISA) and other benefit class action litigation. Our firm is a pioneer of ERISA class action litigation, with over a billion dollars of pension and health benefits recovered for our clients. We have played a major role in developing the law and establishing that ERISA’s strict fiduciary duties apply to all investments in company-sponsored retirement plans, as well as to benefits in health and welfare plans.
Keller Rohrback is routinely appointed lead or co-lead counsel in major employee benefit class actions. Our work in this complex and rapidly developing area has been praised by our clients, our co-counsel, and federal courts throughout the country. Managing a complex, large-scale employee benefit case requires knowledge of employee benefit, securities, accounting, corporate, bankruptcy, and class action law. We have excelled in these cases by developing a deep understanding of ERISA and by drawing on our expertise in numerous related practice areas. Keller Rohrback attorneys are frequently featured speakers and presenters at national legal education seminars on employee benefit class actions and ERISA.
Representative Cases & Successes
Cleary v. Retirement Plan for Employees of Northern Montana Hospital et al.
This ERISA case concerned the Hospital’s Pension Plan having miscalculated the benefits of 175 people, not having provided the legally required procedure to decide claims for benefits and the Hospital’s failure to retain certain records the law required it to maintain. The settlement, as approved by the Court, provided full relief for all of these claims: each of the 175 people were given the full amount by which their benefits had been miscalculated plus appropriate interest; the Court approved an injunction requiring the Plan to provide the legally required claims procedure; and the Court also approved an injunction requiring the Hospital to maintain records.
In re State Street Indirect Foreign Exchange Litigation
(D. Mass.). Keller Rohrback served as co-lead counsel on behalf of ERISA plan participants and beneficiaries who were overcharged under State Street’s “standing instruction” program for foreign currency exchange. A $300 million settlement was approved in November 2016 that included recovery for ERISA and non-ERISA plaintiffs. Keller Rohrback Managing Partner Lynn Sarko played an integral role in negotiating the $300 million settlement and protecting the specific interests of ERISA plan class members.
In re Enron Corp. Securities, Derivative & ERISA Litigation
(S.D. Tex.). Keller Rohrback served as co-lead counsel in this multi-district litigation in the Southern District of Texas. After achieving groundbreaking decisions on the motions to dismiss and several years of hard-fought discovery against the notorious “smartest guys in the room,” Keller Rohrback negotiated five separate settlements with different groups of defendants, resulting in recoveries of over $265 million for the class.In re Lucent Technologies, Inc., Securities Litigation.
In re Lucent Technologies, Inc., Securities Litigation
(D.N.J.). Keller Rohrback served as co-lead counsel in this employee benefit action. We obtained a settlement providing injunctive relief and the payment of $69 million to the retirement plan.In re WorldCom, Inc. ERISA Litigation.
In re WorldCom, Inc. ERISA Litigation
(S.D.N.Y.). Keller Rohrback served as lead counsel in this action on behalf of participants and beneficiaries of the WorldCom 401(k) Salary Savings Plan who invested in WorldCom stock. We obtained settlements providing for injunctive relief and payments of over $48 million to the plan.
In re AIG, Inc. ERISA Litigation II
(S.D.N.Y.). Keller Rohrback served as co-lead counsel in this ERISA class action. The firm obtained a settlement providing for injunctive relief and the payment of $40 million to the retirement plans in 2015.
In re Bank of New York Mellon Corp. Forex Transactions Litigation
(S.D.N.Y.). Keller Rohrback was ERISA class counsel in this class action and helped achieve a $504 million global resolution of the private and governmental enforcement actions against BNY Mellon in 2015, $335 million of which is directly attributable to the private class litigation.
Alvidres v. Countrywide Financial Corp.
(C.D. Cal.). Keller Rohrback served as lead counsel in this class action on behalf of participants and beneficiaries of the Countrywide Financial 401(k) plan that invested in Countrywide stock. Keller Rohrback obtained a class settlement that included $55 million in cash to the plan in 2009.
In re Fremont General Corp. Litigation
(C.D. Cal.). Keller Rohrback served as lead counsel in this ERISA class action. The 2011 settlement provided injunctive relief and $21 million to the retirement plan.
In re Global Crossing Ltd. ERISA Litigation
(S.D.N.Y.). Keller Rohrback served as co-lead counsel in this action on behalf of members of the Global Crossing 401(k) plans that invested in Global Crossing stock. The 2004 settlement provided injunctive relief and a payment of $79 million to the plan members.
In re Merrill Lynch & Co., Inc. Securities, Derivative & ERISA Litigation
(S.D.N.Y.). Keller Rohrback served as co-lead counsel in this action on behalf of participants and beneficiaries of Merrill Lynch’s defined contribution plans who invested in Merrill Lynch stock. A settlement providing injunctive relief and a payment of $75 million to the plans was obtained in 2009.
In re Providian Financial Corp. ERISA Litigation
(N.D. Cal.). Keller Rohrback served as co-lead counsel in this class action on behalf of participants and beneficiaries of Providian’s defined contribution plans who invested in Providian stock. A settlement providing injunctive relief and an $8.6 million payment to the plans was approved by the Honorable Charles R. Breyer in 2003.
In re State Street Bank & Trust Co. ERISA Litigation
(S.D.N.Y.). Keller Rohrback served as co-lead counsel in this employee benefit breach of fiduciary duty class action. We obtained a settlement of nearly $90 million for the class members in 2010.
In re Washington Mutual, Inc. ERISA Litigation
(W.D. Wash.). Keller Rohrback served as co-lead counsel in this ERISA breach of fiduciary duty class action brought on behalf of members in the company’s retirement plans who invested in Washington Mutual stock. A settlement providing a payment of $49 million to the class was obtained in 2011.
Beeson v. Fireman’s Fund Insurance Co.
(California Superior Court). In this action on behalf of more than fifty plaintiff families who lost their retirement plan and other savings after they were induced to invest money on the advice of inadequately vetted financial advisors, an attorney now with Keller Rohrback successfully obtained a $7.5 million settlement from the first defendant and won a $36.8 million verdict after a seven-month trial against the second defendant.
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