James Cross v Noel Bragg
Noel Bragg Sued for Violations of ERISA
A class action lawsuit has been filed in the District Court of Maryland against Noel Bragg for violations of the Employee Retirement Income Security Act (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. Class members seek to enjoin defendants to either rescind the 2002 amendment or not apply the amendment, attorney's fees and costs of the litigation.
Specifically, the complaint alleges Bragg has refused to turn over plan amendments that had been requested in May 2004 and that have still not been produced. The complaint also alleges that the Fleet Reserve Association Pension Plan planned to rescind a 2002 plan amendment which retroactively reduced their lump sum benefits in 2002 and the future lump sum benefits of all other eligible plan participants and beneficiaries in the plan after July 2002. According to plaintiffs, this is in violation of ERISA.
