Each legal action is classified by nearly 100 fields, including court circuit, type of allegation, plaintiff, defendant, and date, according to a press release. The tool helps attorneys, trustees, board members, and policy-makers better understand the nature of individual pension lawsuits and related litigation trends, and encourages better practices, the announcement said.
Case topics include prudence, duty to monitor, reasonableness of fees, and plan design. The information includes circuit commentaries written by and for attorneys that cover numerous retirement plan challenges for fiduciaries and their service providers.
Functions users will be able to perform from the site include: assessing statistical patterns; evaluating case precedents; tracking fiduciary hot button issues by circuit, case type, and time to settlement. A charter annual subscription rate of $695 provides unlimited access to the site.
“We’re excited to introduce PensionLitigationData.com as a way to stimulate the conversation about fiduciary responsibilities,” said Dr. Susan Mangiero, President and CEO of Pension Governance, LLC, in the release. “Litigation is a fact of life now. Regardless of plan type, those in charge need to understand the personal and professional liability. Our hope is that subscribers can learn valuable lessons about what to avoid.”
Co-founder of The Michel-Shaked Group, Dr. Israel Shaked, in the release urged outside and corporate counsel to pay close attention to ERISA cases. “These lawsuits are greater in number, more severe and often accompany securities litigation filings, including class actions,” he said.
The continuously updated and searchable database reflects the dramatic rise in pension lawsuits caused by, among other things, market volatility, complex investment strategies, new accounting rules, federal regulations, and heightened scrutiny of financial decision-making. See Subprime-related Litigations Spur Spike in Shareholder Suits .
For more information, visit www.pensionlitigationdata.com.