III. Top ERISA Class Action Settlements In 2023 In 2023, the top ten ERISA class action settlements totaled $580.5 million. This constituted a significant jump from 2022 when the top ten ERISA class action settlements were $399.6 million.
1. $267 million – Laurent, et al. v. PricewaterhouseCoopers LLP , Case No. 06 Civ. 2280 (S.D.N.Y. Jan. 27, 2023) (final settlement approval granted in a class action alleging that the company shorted retiree benefits in violation of the ERISA). 2. $124.6 million – Ferguson, et al. v. Ruane Cunniff & Goldfarb Inc ., Case No. 17 Civ. 6685 & Su, et al. v. Ruane Cunniff & Goldfarb Inc ., Case No. 19 Civ. 9302 (S.D.N.Y. July 14, 2023) (final settlement approval granted for consolidated class actions filed by former employees alleging that DST Systems Inc., its investment manager, and others mismanaged a 401(k) plan). 3. $61 million – In Re GE ERISA Litigation , Case No. 17-CV-12123 (D. Mass. Oct. 17, 2023) (preliminary settlement approval granted to resolve claims that GE steered employee retirement savings into costlier and lower-performing GE Asset Management funds to boost the subsidiary's bottom line before selling it off in 2016). 4. $30 million – Jacobs, et al. v. Verizon Communications Inc ., Case No. 16 Civ. 1082 (S.D.N.Y. Nov. 21, 2023) (final settlement approval granted in a class action to resolve claims that 160,000 current and former workers who participated in Verizon's 401(k) plan lost retirement savings through an underperforming hedge fund).
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© Duane Morris LLP 2024
Duane Morris ERISA Class Action Review – 2024
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