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McKay Law
Scottsdale | New York | Beverley Hills | Tampa
ERISA Class Actions
Recovery for Excessive Fees and Imprudent Investments
After saving for a lifetime, people rely upon their 401k plans for financial security after retirement. This reliance should be an important consideration in guiding fiduciaries and plan administrators. Excessive fees and imprudent investments can make a retirement plan vulnerable to loss and jeopardize its participants’ savings.
McKay Law represents plaintiffs in complex class actions. Our team has decades of experience investigating and litigating cases on behalf of retirement plans and their participants involving violations of the Employee Retirement Income Security Act (ERISA). Our firm maintains offices in Arizona, California, Florida, and New York that handle litigation for plans and plan participants located across the country.
Imprudent Investments
Retirement plan investments should be safe and stable. ERISA imposes strict duties on those responsible for administering retirement plan assets.  If an investment performs poorly or is downgraded, a plan’s fiduciary has the duty to identify risks, problems, and to take prudent actions to protect and grow retirement plan assets. Likewise, fiduciaries must monitor the fees paid by retirement plans for services to ensure that they are reasonable.
Plan fiduciaries have an important duty to make prudent investment decisions on behalf of retirement plans. Indeed, the U.S. Supreme Court in Tibble v. Edison International, found that plan fiduciaries have a continuous duty to monitor investments and to remove imprudent investments.
Hidden or Excessive Fees
Fees and costs can add up in big ways, thereby depriving retirement savers of retirement savings. Many retirement plans are impacted by hidden or excessive fees. McKay Law works tirelessly to identify excess fess in retirement plans and litigate on behalf of the affected retirement plans to return those fees back to retirement plan participants.
Filing an ERISA Class Action
A class action allows retirement plan participants who have lost money due to excessive fees or imprudent investments to bring a cause of action against the fiduciaries of a plan, and others. ERISA litigation is ideally served through the class action process because participants are almost always in similar positions and have suffered the same types of losses arising from the same types wrongdoing.
By filing as a class, the lawyers can focus discovery and case preparations on key issues that affect multiple participants and return money to all members of the plan.
Schedule a Consultation to Discuss an ERISA Class Action
Contact McKay Law to schedule an appointment with our experienced ERISA class action team. McKay Law helps retirement plan participants recover losses for excessive fees and imprudent investments. We are a national firm and, by partnering with local firms, we can assist clients in any jurisdiction.
Schedule a Consultation to Discuss an ERISA Class Action
Contact McKay Law to schedule an appointment with our experienced ERISA class action team. McKay Law helps retirement plan participants recover losses for excessive fees and imprudent investments. We are a national firm and, by partnering with local firms, we can assist clients in any jurisdiction.