The Employee Retirement Income Security Act of 1974 (ERISA) seeks to protect employee pensions and retirement assets from unscrupulous fund managers and administrators that attempt to personally profit at the expense of the plan or plan participants – people like you.
This type of wrongdoing is extremely serious and holds substantial consequences for those that breach our trust. Congress and the courts have interpreted the duties of an ERISA fiduciary to be the “highest known to the law,” and include:
- A duty to invest trust assets in a prudent fashion
- A duty to carry out the terms of the plan
- A duty of loyalty to the plan and the plan beneficiaries and participants
- A duty of attention to the affairs of the plan
- A duty to safeguard, account for, and administer the assets of the plan
The attorneys at Sommers Schwartz have a long track record of successfully prosecuting claims on behalf of those harmed by ERISA violations. Our experience representing these people in class action lawsuits includes:
- Hill et al. v. Blue Cross and Blue Shield of Michigan, Case No. 03-cv-40025 (E.D. Mich.), confidential settlement of an action involving the plan administrator’s failure to properly administer health care benefits under a national employee health care plan.
- In Re Michigan National Corporation Securities and ERISA Litigation, Case No. 95-cv-73485 (E.D. Mich.), confidential settlement on behalf of a class of investors and retirees.
If your benefits are at risk due to possible wrongdoing by your plan administrator, you need competent and aggressive attorneys to preserve and enforce your rights. Too much is at stake, so please give us a call today.