ERISA Cases
Highlights of various ERISA cases.
- Benjamin Moore & Co.
- Benjamin Moore & Co. v. The Travelers Insurance Company, United States District Court, Northern District of Illinois, Case No. 04C-3229.
- Carle Foundation Hospital v. American United Life Ins. Co.
- Carle Hospital participated in an AUL group annuity contract sponsored by the Illinois Hospital Association. At termination, AUL imposed "surrender charge" of nearly 6% of the reported contract value.
- Children’s Home Association of Illinois v. Mutual of America Life Ins. Co.
- Children’s Home participated in Mutual of America group annuity contract. Mutual of America maintained some funds in interest-bearing general account, when it had the authority to invest plan assets in any mutual fund.
- Farm King Supply, Inc. Integrated Profit Sharing Plan and Trust v. Edward D. Jones & Co.
- Brokerage firm made presentations to plan trustees recapping performance of investments, advising the trustees which investments to hold and which to sell, and offering the trustees a choice of recommended investments. Plan lost 30% of funds invested in securities recommended by brokerage firm.
- Felde v. Alliance
- Alliance acted on behalf of plaintiff trustee of pension plan in dealing with group investment contract issued by Nationwide Life Insurance Company. Alliance was paid for its services from pension plan funds.
- Felde v. Nationwide
- Defendant issued group investment contract to plaintiff trustee of pension plan. Pursued contract claims against Nationwide to recover 12b-1 fees paid by mutual fund companies to Nationwide in respect of mutual funds held under contract issued to plaintiff. Circuit Court of the Tenth Judicial Circuit, Peoria County, Case No. 05-L-326.
- Foster & Gallagher ESOP Litigation
- In December 1995, U.S. Trust caused the Foster & Gallagher, Inc. ESOP to purchase about 26% of the shares of Foster & Gallagher for about $70 million. In 1998, the reported net value of all ESOP assets declined by more than 90%, from $82 million to just over $7 million. Pursuing ERISA fiduciary and party in interest claims.
- Jerome Mirza & Associates, Ltd. v. United States
- Jerome Mirza adopted a defined benefit pension plan. The plan actuary determined the plan’s normal cost using an interest rate assumption of 5%.
- Jefferson Trust and Savings Bank of Peoria v. Simmons
- Defendants controlled Keystone Consolidated Industries and its pension plans, and were seeking to purchase control of Amalgamated Sugar Company.
- Jenkins v. Yager
- Mid America sponsored an individual account plan that permitted participants to allocate their assets in their account among a limited selection of investment funds. Pursuing claims that defendants did not take adequate action to maintain, review and change the investment of plan assets.
- Pdf files
- Laidlaw Corporation v. New England Mutual Life Ins. Co.
- When Laidlaw terminated a group annuity contract, New England Mutual imposed a 5% liquidation charge, a 13.5% "negative surplus charge", and a 4% "anti-selection charge." Pursued ERISA fiduciary and securities claims.
- Mental Health Services for Clark County, Inc
- Mental Health Services participated in an AUL group annuity contract sponsored by the Ohio Hospital Association. AUL sought and obtained approval of Mental Health Services to convert from Ohio Hospital Association contract to other contracts issued by AUL.
- Peoria Union Stock Yards Co. Retirement Plan v. Penn Mutual Life Ins. Co.
- Plan trustees invested plan funds in a deposit administration contract issued by Penn Mutual. Plan trustees learned that the annuity to fund a key executive’s retirement could be purchased for 25% less than the cost quoted by Penn Mutual. Pursued ERISA fiduciary, securities and fraud claims against Penn Mutual.
- Riley v. Massachusetts Mutual Life Ins. Co.
- Keystone Steel and Wire Security Benefit Plan purchased group annuity contract from Mass Mutual. At termination, Mass Mutual imposed a penalty of 23.25%, and distributed only 76.75% of the reported contract value. Pursued ERISA fiduciary claim against Mass Mutual.
- St. Bernard Hospital v. American United Life Ins. Co.
- St. Bernard Hospital participated in AUL group annuity contract sponsored by the Illinois Hospital Association. Pursuing ERISA fiduciary action to recover losses resulting from AUL’s failure to disclose material information about contract conversion in 1994.
- St. George v. AUL
- St. George Corporation participated in AUL group annuity contract sponsored by the Illinois Hospital Association. Pursued ERISA fiduciary action to recover losses resulting from AUL's failure to disclose material information about contract conversion in 1990.
- Silver Cross Hospital v. American United Life Insurance Co.
- Motions and documents in Silver Cross Hospital v. American United Life Ins. Co.
- Strunk Brothers Company v. Transamerica Occidental Life Ins. Co.
- Strunk purchased group pension contract from Transamerica. When Strunk decided not to make further deposits under the contract, Transamerica reduced the interest rate credited from 8.25% to 5.25%. When Strunk requested withdrawal of the contract balance, Transamerica claimed an investment loss of nearly 32% of the contract balance.
