Avoid litigation in class action lawsuits and understand how to deal with them properly.
More than 130 class action lawsuits have been filed against plan fiduciaries alleging that fees charged to plan participants' accounts have been excessively high, in breach of the fiduciaries' duties under ERISA. There appears to be no end in sight for this type of litigation, as more plaintiffs' lawyers have jumped into the fray and novel theories of liability emerge. And where once only the largest 401(k) plans were targeted for litigation, new targets have emerged, including 403(b) plans of universities and hospitals, and smaller plans. Fee cases aren't the only source of concern. ERISA stock drop cases alleging that employer securities in a plan are imprudent investments, which seemed to have become a thing of the past, may be coming back. New suits are also being brought against traditional pension plans. Forewarned is forearmed. It is critical for plan fiduciaries and those who advise them to understand these exposures and learn how best to avoid the litigation or mount a strong defense.
Agenda
Faculty
Emily Seymour Costin
Alston & Bird LLP
- Partner in the Washington, D.C. office of Alston & Bird LLP
- Focuses her practice primarily on the defense of employee benefits disputes and counseling employers, plan sponsors, and fiduciaries on litigation avoidance strategies
- Represents plan sponsors, insurers, and fiduciaries in individual, mass action, and class action litigation over claims for benefits and breach of fiduciary duty under ERISA
- Chair of the ABA’s Joint Committee on Employee Benefits (JCEB), a member of the editorial advisory board of the Benefits Law Journal, and a contributing author to the BNA treatise ERISA Litigation
- Named a Rising Star by Law360, and a Washington, DC Super Lawyer in 2018
- J.D. degree, Order of the Coif, with honors, George Washington University Law School
- Can be contacted at [email protected]
Rhonda Prussack
Berkshire Hathaway Specialty Insurance
- Senior vice president and head of fiduciary and employment practices liability at Berkshire Hathaway Specialty Insurance
- Developed and brought to market state-of-the-art policy forms and innovative coverages for corporations, organized labor, municipalities, and not-for-profits
- Oversees pricing, profitability, and underwriting of fiduciary and employment practices liability insurance products
- Written articles for and been quoted in many publications and is a frequent speaker at ERISA, employment practices, and executive liability seminars around the U.S. and Canada
- B.A. degree, Brooklyn College
- Can be contacted at [email protected]
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