Retirement plans operated by US employers collectively hold trillions of dollars in assets, so they have naturally become a target for litigation under their governing statute, the Employee Retirement Income Security Act, commonly known as “ERISA.” Under ERISA, plan fiduciaries are subject to duties of loyalty and prudence, which can be enforced by the US Department of Labor or by private civil actions.
Class actions targeting ERISA plan fiduciaries have been on the rise. Financial institutions are potentially implicated for the plans that they provide to their own employees and for the services that they provide to their clients.
Please join Mayer Brown lawyers Nancy Ross and Brian Netter as they discuss:
- Recent trends in ERISA litigation
- How financial institutions, in particular, are targeted for ERISA lawsuits
- Ways to reduce the likelihood of facing, and the severity of, an ERISA class action
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
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July 212022
CFPB Update – New Developments and Emerging Themes
Global Financial Markets