allowed ERISA fiduciaries to consider environmental, social, and governance factors. However, in Utah v. Su , 109 F.4th 313 (5th Cir. 2024), where 26 states brought suit to challenge the DOL’s rule, the Fifth Circuit remanded the suit to the U.S. District Court for the Northern District of Texas with instruction to consider the rule in light of the Loper Bright ruling. Thus, courts may begin to disregard the DOL’s rule and potentially find a breach of fiduciary duty where an investment manager considers environmental, social, and governance factors rather than making decisions based entirely on a fund’s profitability. IV. Top ERISA Class Action Settlements In 2024 In 2024, the top ten ERISA class action settlements totaled $413.3 million. This constituted a significant decrease from 2023 when the top ten ERISA class action settlements were $580.5 million.
1. $169 million – Electrical Welfare Trust Fund, et al. v. United States, Case No. 19-CV-353 (Fed. Claims Ct. Feb. 21, 2024) (final settlement approval granted in an ERISA class action alleging that the government illegally exacted certain contributions from SISAs under it for benefit year 2014). 2. $69 million – Snyder, et al. v. UnitedHealth Group Inc., Case No. 21-CV-1049 (D. Minn. Dec. 13, 2024) (preliminary settlement approval sought in a class action to resolve claims alleging that the company breached its fiduciary duties in violation of the ERISA by including low-performing investment options in its 401(k) plan to preserve its business relationship with Wells Fargo). 3. $61 million – In Re GE ERISA Litigation , Case No. 17-CV-12123 (D. Mass. Mar. 7, 2024) (final settlement approval granted in consolidated class actions alleging that the company violated the ERISA by directing employee retirement savings into underperforming GE Asset Management funds to generate fees for the subsidiary before it was sold). 4. $20 million – Durnack, et al. v. Retirement Plan Committee Of Talen Energy Corp., Case No. 20-CV- 5975 (E.D. Penn. June 4, 2024) (final settlement approval granted for an ERISA class action resolving claims from employees alleging that that they were owed early retirement pension benefits and pension supplements due to a change in control). 5. $20 million – In Re AME Church Employee Retirement Fund Litigation , Case No. 22-MD-3035 (W.D. Tenn. Dec. 13, 2024) (preliminary settlement approval sought in an ERISA class action to resolve claims
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ERISA Class Action Review – 2025
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