According to a press release Levin Law, which describes itself as a class action law firm, has launched a nationwide investigation on behalf of employees whose employers have breached their ERISA fiduciary duties to participants of the company’s employee retirement, pension or 401(k) plans. The press release notes that “breaches occur when the company fiduciaries fail to manage the assets of the retirement plan properly by investing in company stock when it is no longer a prudent investment for participants’ retirement savings.”
Now, such so-called “stock drop” suits have gotten to be relatively common, as has the process of an “investigation” of the possibility of the aforementioned fiduciary breach ahead of the actual filing of a lawsuit, ostensibly based on the results of the investigation. Additionally, there are a number of firms that specialize in such ERISA litigation as a significant part of their practice.
However, Levin Law has targeted what appears to be an extraordinarily long list of firms that it describes as “under investigation” by the firm, many of which are already under investigation by other firms following a precipitous drop in stock price.
Whether anything comes of any of these or not remains to be seen. But Doron Levin, who states that he “does not represent defendant corporations, insurance companies or employers”, cites case work in:
- the pharmaceutical liability arena that includes the representation of thousands of clients in their various defective drug and product claims.
- employment law, including the representation of clients in their class action pursuit of unpaid overtime and wage claims and layoff notice claims under the WARN Act.
He also notes that his “consumer and securities class action practice includes ERISA breach of fiduciary duty claims as well as defective consumer products”, and that he “also devotes a portion of his practice to representing those affected by hurricanes and other disasters”.
“Current or former employee participants” in any of the aforementioned retirement or 401(k) plans are encouraged to “contact Levin Law at www.law29.com or toll free 1.888.93.law29 (or 1.888.935.2929) for answers to questions and information regarding legal rights and options”.
Bank of America
Fannie Mae / Federal National Mortgage Association
General Growth Properties, Inc.
Hartford Financial Services Group, Inc.
ING Groep NV / ING Bank & Trust
Lincoln National Corporation / Lincoln National Insurance Co.
McGraw-Hills Companies, Inc. / Standard & Poor's
PFF Bancorp, Inc. / PFF Bank & Trust
Pilgrim's Pride Corp.
The PMI Group, Inc.
Emerson Electric Co.
Penske Truck Leasing, Inc
Fruit of the Loom, Inc.
May Department Stores
On-Cor Frozen Foods
International Brotherhood of Painters