Employee pension plans are supposed to ensure that those who work their whole life have a comfortable retirement. Unfortunately, when employees sustain losses in pension plans as a result of fraud or problems with plan administration, it is often too late for them to rebuild their portfolios so they can have financial security as they age.
The Employee Retirement Income Security Act (ERISA) is designed to protect workers by imposing a fiduciary duty on pension plan managers and by imposing a number of regulations related to pension plan funding and plan management. ERISA contains a wide range of protections for workers, from ensuring that they aren’t fired before benefits vest to creating a cause of action when pension plan funds are improperly invested.
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Unfortunately, pension plan litigation can be complicated. When ERISA claims arise, employees need to be sure they are represented by an experienced attorney who understands how investment laws work and who has a history of successfully acting as lead counsel in ERISA class action cases. Zamansky LLC has vast knowledge of ERISA, which can help you make your case. Call our firm today to learn more.
When Does Pension Plan Litigation Arise?
Pension plan litigation can arise whenever a fiduciary duty created under ERISA is breached. Unfortunately there are many different regulations governing employee pension plans, which makes it challenging for most workers to know exactly when they may have a claim for damages. The bottom line is that ERISA provides broad protection and workers can make claims after sustaining losses in defined contribution plans like 401(K)s as well as in situations where defined benefit plans are mismanaged.
Whether losses are sustained due to excessive fees, over-investment in company stock, intentional fraudulent behavior, failure to monitor investments, or a whole host of other actions considered in breach of fiduciary duties, employees should be able to recover losses. Pension plan lawyers can help you determine if you have a case, so you should get professional legal advice whenever you sustain a loss in a company retirement account, or any time promised benefits are not provided to you.
How Does Pension Plan Litigation Work?
In most cases, pension plan litigation arising under ERISA takes the form of class action litigation, which means multiple workers who sustain losses in pension plans all come together to pursue one big case.
In a class action suit the lead counsel directs the progress of the litigation and most employees do not have to be inconvenienced on a day-to-day basis with appearing in court or making legal decisions. Instead, employees can simply join the class along with their co-workers who suffered losses and if the claim is successful they will receive money back after a court verdict or settlement.
Zamansky LLC has served as lead counsel in ERISA class actions brought by employees of some of the world’s biggest companies. Our pension plan lawyers understand the importance of making an effective claim so your retirement and financial future are secure. Give us a call as soon as possible to learn more about how we can assist you if you sustained losses in your employee pension plan.