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Case ID: 2976 | Employment | 01/14/2005
The class has been certified in a class action filed against the New York Life Insurance Company Pension Plan and related entities on behalf of current and former participants and beneficiaries of the NYL Employee and Agent Pension and 401(k) Plans, who allege that plans’ administrators used the Plans to breached their fiduciary duties in violation of the federal Employee Retirement Income Security Act (ERISA) when they deliberately misinvested funds and caused losses to the plans. The action seeks compensatory damages in a sufficient amount to cover all losses to the plan, and disgorgement of all profits wrongly made by those who profited.
The class is composed of all persons who either: (1) are current participants or beneficiaries of the New York Life Insurance Company Pension Plan and the NYLIC Retirement Plan, or (2) have been participants or beneficiaries of the New York Life Insurance Employee Progress Sharing Investment Plan and the New York Life Insurance Agents Progress Sharing Investment Plan at any time since January 1, 1994. The action alleges that the plan administrators intentionally failed to take advantage of the plans' considerable bargaining clout to obtain low-cost, high-quality investment management services available through "direct" or "separately managed account" management (offered either by New York Life's affiliates or managers unaffiliated with New York Life) or other appropriately-priced investment vehicles, and instead used the far more expensive New York Life-proprietary mutual funds -- namely, the New York Life Institutional/MainStay Institutional/Eclipse Funds, priced to be marketed to smaller investors -- in an effort to build those product lines and boost company profits. The action goes on to allege that the unlawful scheme began in the early-to-mid 1980s with New York Life's creation of a line of "Separate Accounts" -- pooled investment accounts offered by insurance companies to relatively modest-sized employee benefit plans -- largely with assets taken from the large Pension and 401(k) Plans. The alleged scheme continued throughout the 1990s, and at least until March 2001. At that time, the plan trustees finally withdrew $1.8 billion of pension plan assets, but not the assets of the 401(k) Plans, from the MainStay Institutional/Eclipse Funds -- another investment product that New York Life had sought to market to third-party investors and had seeded using retirement plan assets. The $1.8 billion in pension plan assets were then placed in newly created, plan-specific Separate Accounts at a substantially reduced, although still allegedly excessive, cost. Plan Trustees also allegedly breached their ERISA fiduciary duties to the plans by: (1) failing to prudently inquire into the appropriateness of the plans' investments in the Separate Accounts and the MainStay Institutional/Eclipse Funds, including the appropriateness of the fees and expenses associated with those investments for plans the size of the New York Life plans and the appropriateness of New York Life and its affiliates acting as exclusive managers of the plans' assets, (2) failing to bring to bear their own knowledge and expertise in making those investments, and (3) failing to take vigorous steps to overcome the influence of their own personal and financial interests in the success of the company's Separate Accounts and the MainStay Institutional/Eclipse Funds, as well as the interest of their advisor Livornese, who was President of the MainStay Institutional/Eclipse Funds, by seeking disinterested outside advice on the appropriateness of the plan investments in those products and/or using New York Life and its affiliates as manager of plan assets. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest The parties have reached a $4.8+ million settlement in a class action against baking companies Interstate Brands Corporation and Continental Baking Company on behalf of all current and former employees of either company who were employed in route sales positions and were not eligible to receive overtime pay regardless of hours worked, at any time between November 21, 1993, and April 30, 2003. Persons eligible to take part in this settlement should contact the attorneys for the class as soon as possible.
A national class action has been filed against prescription drug plan operator Express Scripts, Inc. on behalf of all U.S. citizens who were or are participants in or beneficiaries of any employer-provided prescription benefit plan (1) that required participants or beneficiaries to pay a percentage co-pay for prescription drugs and (2) for which Express Scripts, Inc. or one of its predecessors-in-interest or subsidiaries serves or has served as the plan's provider of prescription drugs at any time from October 1, 1997, through the present. The action is brought under the Employee Retirement Income Security Act (ERISA) and claims that Express Scripts breached its fiduciary duty to plan participants and beneficiaries in several ways. The participants are seeking declaratory and injunctive relief and a court order requiring Express Scripts to make an accounting of and reimburse consumers and benefit plans all monies earned through allegedly unlawful activities.
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