ERISA, Pension & Benefits Litigation
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With plaintiffs targeting employee benefit plans at an accelerating speed, Paul, Weiss has built an exceptional practice defending plan sponsors, fiduciaries and service providers in the technically demanding, high-stakes arena of ERISA, pension- and employee benefits-related class actions and related litigation. We are also among the preeminent firms nationally in handling the securities litigation that frequently accompanies ERISA disputes.
Paul, Weiss won the dismissal, with prejudice, of a putative class action against Carrier Global Corporation filed by former executives of Carrier’s former parent company, United Technologies Corporation (UTC).
In Hughes v. Northwestern University, the Supreme Court recently held that a context-specific inquiry is required to determine whether a retirement plan fiduciary violated ERISA’s duty of prudence. The Court reiterated that a fiduciary has the continuing duty to monitor investments and that merely providing investors with a range of investment choices does not excuse the fiduciary’s allegedly imprudent decisions.
Paul, Weiss achieved a significant victory for certain current and former trustees of The Kraft Heinz Company’s savings plan and Kraft Heinz officers.
U.S. Supreme Court Limits Standing for ERISA Plan Participants to Sue for Breach of Fiduciary Duties
In Thole v. U.S. Bank, the Supreme Court held that participants in a defined-benefit pension plan governed by ERISA lacked standing to sue for breaches of fiduciary duties if they had not suffered personal financial injury.
Paul, Weiss achieved a significant victory for Exxon Mobil Corporation and the trustees of its savings plan when the U.S. District Court for the Southern District of Texas granted their motion to dismiss a putative ERISA class action.
Supreme Court Update: High Court Ends Attempt to Impose Company Pension Liabilities on Private Equity Funds
The Supreme Court recently declined to hear New England Teamsters & Trucking v. Sun Capital Partners, et al., putting an end to years of litigation that have plagued the private equity industry.
On January 14, 2020, the U.S. Supreme Court issued a per curiam order in Retirement Plans Committee of IBM Jander (“Jander”), a closely watched case regarding the pleading standard for corporate stock-drop and disclosure claims under the Employee Retirement Income Security Act (“ERISA”).
The Second Circuit affirmed an order dismissing a shareholder derivative action brought against Citigroup Inc.'s Board of Directors.