The Employee Retirement Income Security Act (ERISA) imposes numerous requirements on plan sponsors and administrators for defined contribution and benefit plans. ERISA imposes the highest level of duty under the law – a fiduciary duty – to ensure that all who are involved in plan management or in advising pension plans act in the best interests of employees at all times. ERISA fiduciaries have many obligations, including honesty and truthfulness in all dealings, as well as a duty to disclose material information about plan investments and risks.
When fiduciaries breach any duties, including obligations related to disclosure and honesty, employees can pursue civil litigation to recover compensation. An ERISA lawyer at Zamansky LLC has extensive experience providing legal advocacy to employees whose pensions have suffered losses as a result of fiduciary nondisclosure and/or misrepresentation. If you believe you and/or your co-workers retirement funds were damaged as a result of the actions or inaction of a fiduciary, call Zamansky LLC today to schedule a consultation and learn about your legal options.
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When Is Fiduciary Nondisclosure & Misrepresentation Actionable?
Employees can file a lawsuit whenever they experience losses or damages as a result of either nondisclosure or misrepresentation.
It is common for cases of nondisclosure and misrepresentation to arise when employees have purchased company stock shares in their 401K plans or when plan managers have purchased shares of company stock as an investment with money used to fund a defined benefits plan. Employees who sustain losses when company stock shares fall file suit against plan fiduciaries alleging a failure to disclose material information about the suitability of the investment.
Fiduciary nondisclosure and misrepresentation claims may be derivative claims or companion cases to securities fraud cases. Securities law and ERISA have similar disclosure rules but the process of pursuing compensation through civil litigation can differ depending upon whether claims are made under the Securities Exchange Act of 1934 or ERISA.
Zamansky LLC is both an ERISA law firm and a securities firm, so our ERISA attorneys can help you to develop a comprehensive legal strategy to identify all defendants responsible for losses and to maximize recovery. We provide legal representation not only in cases where nondisclosure and misrepresentation relates to the purchase of company stock shares, but in all cases where fiduciaries have breached any obligation to plan participants.
Getting Legal Help from an ERISA Attorney at Zamansky LLC
Our legal team can explain the options available for recovery after losses are caused by plan fiduciaries in defined benefit or contribution plans. Most ERISA cases involve multiple employees who sustain substantially similar losses. As a result, ERISA class actions are common. Class action litigation allows workers to join a class and place their trust in lead counsel to guide their claim through the court system.
Zamansky LLC has provided representation to employees in ERISA class actions in which substantial losses occurred due to fiduciary breaches. Give us a call today if you believe you were damaged by a fiduciary’s misrepresentations or failure to disclose.