Both employees and retirees are entitled to count on the security of the investments and pension instruments that are set up to fund their retirement through their pension plans. In fact, the Employee Retirement Income Security Act of 1974 also known as ERISA is a federal tax and labor law which sets minimum criteria for the vast majority of voluntarily private industry established health and retirement plans to ensure protection for individuals participating in these plans. The way ERISA was passed to safeguard those participating in the employee benefit plan and their beneficiaries by:
- Necessitating the release of financial among other information regarding the plan to beneficiaries;
- Instituting pension plan fiduciary criteria;
- Affording access to federal courts and suitable remedies
ERISA pension plans can undergo very significant losses with extensive damage resulting to the plan’s beneficiaries due to numerous wrongful reasons. If your retirement has been endangered by breach of fiduciary duty, securities fraud, or ill-considered investments causing deficits in your ERISA pension plan, the business law attorneys at Loftus & Eisenberg, Ltd can help.
These claims are usually styled as derivative actions where a plan member sues on behalf of the plan itself and against the managers. This is not a true class action and is procedurally much more efficiently resolved than a class action.
Loftus & Eisenberg, Ltd. has experience working on both sides of ERISA litigation but most often representing ERISA pension plan beneficiaries involving a wide range of infringements including poor investment advice, conflict of interest and breach of fiduciary duty in class action litigation.ERISA Claims/ERISA Causes of Action
The Employee Retirement Income Security Act empowers a variety of causes of action to address breaches of the law. These causes of action could oblige the terms of a benefits plan or be responsible to provide other respite to affected plan participants. Some of the commonplace ERISA causes of action center around claims for breach of fiduciary duty and denial of benefits. Other causes of action result from claims for common law ERISA violations, applicable rightful reprieve versus non-fiduciaries to remedy violations of the plan and claims for hindrance with both participants or beneficiaries execution of ERISA rights.
The attorneys at Loftus & Eisenberg know how important it is to have confidence in retirement plans and investments. If you believe you have experienced erroneous ERISA pension losses contact Loftus & Eisenberg for a free consultation to understand your options.