The total dollar sum of the top 10 settlements under the
Employee Retirement Income Security Act in 2018 was $313.4 million. That figure was down substantially from the previous two years --
$927.8 million in 2017, and
$807.4 million in 2016, according to the 15th annual edition of Workplace Class Action Litigation Report, published by Seyfarth Shaw, a Chicago-headquartered global law firm and recognized leader in labor and employment law. While the largest settlement figures were lower last year, it was by no means a slack time in the ERISA litigation space. ERISA lawsuit filings totaled 6,334. Total claims were down from the previous year by about 360 filings. "An improving economy and a drop in the number of DOL investigations contributed to fewer cases, lower damage recoveries, and fewer ERISA lawsuits over delinquent contributions to pension funds," Seyfarth's report says. Plaintiffs won 11 of 17 class certification rulings in 2018, compared to the 17 of 22 certification rulings won by plaintiffs in 2017. While ERISA's top settlement value was down substantially, the figure was still more than those realized in wage and hour and discrimination claims. Nearly 20 more filings against
higher-education sponsored
403(b) plans dominated the headlines in 2018. Moreover, the report says more claims were brought against relatively smaller defined contribution plans with less than $100 million in assets. "Corporate counsel should be mindful of this trend and implement processes to review 401(k) plan fees and expenses at regular intervals," the report says. The slides above detail the top 10 ERISA settlements, which were dominated by claims brought against church plans.
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