CWG represents participants and beneficiaries of employee benefit plans covered by the Employee Retirement Income Security Act of 1874 (“ERISA”). In such cases, the firm protects the interests of current and former employees, as well as beneficiaries, in retirement savings plans against the wrongful conduct of plan fiduciaries. Often, these retirement savings plans constitute a significant portion of an employee’s retirement savings, and thus any losses can be devastating to employees’ retirement plan. ERISA, which codifies one of the highest duties known to law, requires an employer to act in the best interests of the plan’s participants, including the selection and maintenance of retirement investment vehicles. For example, an employer who administers a retirement savings plan such as a 401(k) plan or Employee Stock Ownership Plan (“ESOP”) has a fiduciary duty to ensure that the retirement plan’s assets (including employee and any company matching contributions to the plan) are directed into appropriate and prudent investment vehicles.
The attorneys at CWG have brought actions on behalf of aggrieved plan participants and beneficiaries where a company and/or certain of its officers breached their fiduciary duty by allowing a company’s retirement plans to invest in shares of a company’s stock despite having access to materially negative information concerning the company, which materially impacted the value of the stock and thus made the stock an imprudent investment for retirement savings. Under certain circumstances, current and former employees can seek to hold their employers accountable for losses to their retirement plans caused by the employer’s breach of their ERISA-mandated duties.
If you believe that your company’s retirement plan is being improperly administered, please give the attorneys at CWG a call or complete the below form.