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Case ID: 3385 | Employment | 05/11/2004
The class has been certified in an action filed against Kmart Corporation board members and executives on behalf of current and former Kmart employees who had more than $100 million of the discount chain's stock in their 401(k) retirement plans when the company went bankrupt. The action alleges that the defendants violated the federal Employee Retirement Income Security Act (ERISA) by abrogating their fiduciary duties to plan participants. Persons eligible to take part in the action should contact attorneys for the class.
Named plaintiff Quincie Rankin, a former worker at a Kmart store in Fairfield, Alabama, alleges that the board and executives continued to invest the matching portion of employee retirement contributions in Kmart stock when the retailer's finances were collapsing in violation of their fiduciary duties to the employee plan participants. Kmart became the largest retailer ever to file for Chapter 11 bankruptcy protection on January 22, 2002. When the Troy, Michigan-based retailer emerged from bankruptcy on May 6, 2003, as Kmart Holding Corporation, shareholders lost millions because the old stock was wiped out. Kmart had 225,000 employees and 2,100 stores when it filed for bankruptcy. It now employs 158,000 workers at 1,512 stores. ERISA sets uniform minimum standards to ensure that employee benefit plans are established and maintained in a fair and financially sound manner. In addition, employers have an obligation to provide promised benefits and satisfy ERISA's requirements for managing and administering private pension and welfare plans. The Department of Labor’s Pension and Welfare Benefits Administration, together with the Internal Revenue Service, has the statutory and regulatory authority to ensure that workers receive the promised benefits. 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 A class action lawsuit has been filed in the Southern District Court of Florida against Toby's Frozen Lemonade, Inc. The case involves violations of the Fair Labor Standards Act which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. Many company retirement plans that encouraged investment in the company stock plan have taken large losses over the past few years. A class action has been filed against TV-top cablebox manufacturer Scientific-Atlanta, Inc. and certain company officials on behalf of current and former employees whose retirement plans were invested in the company's stock. The action alleges that the executives breached their fiduciary responsibilities in violation of federal labor law when they knew of the company's financial problems but continued to encourage employees to purchase stock for their plans, sometimes while selling their own shares. The action seeks compensatory and punitive damages. A class action lawsuit has been filed in the Eastern District Court of Missouri against Missouri based health care provider BJC Health Systems for violations of the employee retirement income security act (ERISA). Class members seek compensatory and punitive damages, attorney's fees and costs of the action. A statewide collective action has been filed in Florida federal court against DSI Delivery Corporation. The action is brought on behalf of all employees who (1) worked overtime hours for which they were not compensated or (2) were not paid minimum wage. The drivers are seeking back pay as well as statutory and liquidated damages. The action is brought under the federal Fair Labor Standards Act, Florida labor laws and Florida contract law.
Federal law protects workers from unexpected job losses due to unexpected layoffs. A $1.27 million judgment has been entered against the Chicago Housing Authority in favor of police officers, security officers, and employees in the authority's police department, which was closed in October 1999 without giving 60 days' notice to workers, as is required under the federal Worker Adjustment and Retraining Notification Act (WARN Act), thereby violating the act.
A settlement between the U.S. Postal Service and disabled postal workers allegedly placed in "dead end" jobs after becoming disabled on the job has been granted preliminary approval by a Denver Equal Employment Opportunity Commission court. The action was brought on behalf of all U.S. postal workers who between the dates of January 1, 1993 and December 3, 2003 were allegedly denied promotion and advancement opportunities after becoming disabled on the job and placed into "permanent rehabilitation" positions by the Post Office. Under the terms of the settlement, each worker who proves a claim may be eligible for up to $25,000 in damages from the U.S. Government. Notice to all potential class members is scheduled to be mailed early in January, 2004, with final approval of the settlement anticipated in Spring, 2004. |
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