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About the Firm

McTigue Law LLP represents participants in traditional pension plans, 401(k) salary deferral plans, savings plans, and Employee Stock Ownership Plans (ESOPs).  The firm confines itself to the litigation of complex class actions, the majority of which are brought under the federal Employee Retirement Income Security Act (ERISA).  We represent and protect employees in pension plans when those plans have lost assets because the employer-fiduciaries, trustees and investment managers fail to meet their obligations under ERISA.

We are likely the first law firm, years before the Enron, WorldCom, and Global Crossing scandals, to recognize the need for lawyers focused on litigation to protect plan participants against the growing risks of imprudently-invested 401(k) plans.  Participants in these plans directly bear the investment risks of plan investments.

The Firm’s representative cases include the following in which the firm served as lead or co-lead class counsel and secured multimillion dollar awards for ERISA plans and participants:

  •  In re Bank of New York Mellon Corp. Forex Transactions Litigation, No. 12-md-2335 (S.D.N.Y.).  This case involved allegations that Bank of New York Mellon systematically overcharged custodial bank clients for a type of foreign exchange transactions known as “standing instruction.”  McTigue Law brought ERISA class claims, and other firms brought non-ERISA claims.  Acting as one of three lead settlement counsel and the only ERISA settlement counsel, McTigue Law achieved a $335 million settlement, approximately $70 million of which was allocated to ERISA class members.

  • In re SunTrust Banks, Inc. 401 (k) Plan Affiliated Funds ERISA Litigation, 1:11-CV-784-ODE (N.D. Ga.).  McTigue Law achieved a $29 million settlement in this action, which involved allegations of fiduciary breaches by defendants resulting from the imprudent investment of retirement plan savings in proprietary mutual funds with high fees and poor performance.

  • Carver, et al., v. Bank of New York Mellon, et al.,, Case No. 15-10180-JPO, (S.D.N.Y.).   McTigue Law achieved a $12.5 million settlement in this action, which involved allegations that Bank of New York Mellon (BNYM), in contravention of its fiduciary duties, obtained illegal profits when exchanging currencies for ERISA Entities by converting cash distributions on BNYM ADRs from foreign currencies to U.S. Dollars.

  • Leber v. CitiGroup, 07-09329 (S.D.N.Y.).  McTigue Law achieved a $6.5 million settlement in this action, which involved allegations of fiduciary breaches by defendants resulting from the imprudent investment of retirement plan savings in proprietary mutual funds with high fees and poor performance.

  • Henriquez v. State Street Bank and Trust Company et al,, (D. Mass.), Case No. 1:11-cv-12049-MLW.  McTigue Law was the first firm to bring ERISA class claims and allege breaches of fiduciary duty related to defendants? pricing and execution of foreign exchange transactions for funds invested in by plan participants.  The action was consolidated with other non-ERISA actions and achieved a settlement of $60 million for ERISA plaintiffs.

  • Presley v. CHH, et al., 97-cv-04316 (SC) (N.D. Cal.) (bankrupt plan sponsor).  CHH, was the Los Angeles holding company for the Broadway, Emporium, Capwells, and Weinstocks department stores, with more than 24,000 employees in its 401(k) plan.  More than half of the plan’s assets were invested in CHH stock when the chain filed for bankruptcy.  Nearly $39 million was recovered for the plan from defendants.  

  • In re CMS Energy ERISA Litig., 02-cv-72834 (GCS) (E.D. Mich.).  This litigation, on behalf of more than 10,000 pension plan participants, involves a former Detroit based utility. A $28 million settlement was reached in this litigation.

  • In Re McKesson HBOC, Inc. ERISA Litig., C 00-20030 (RMW) (N.D. Cal.).   Plan with 8,000 participants. $23 million settlement.

  • Blyler v. Agee, et al., CV97-0332-(BLW) (D. Idaho) (bankrupt plan sponsor).  This litigation involved pension plans with 8,000 employees sponsored by Morrison Knudsen Corporation which declared bankruptcy in 1996.  $21 million settlement obtained.

  • Figas v. Wells Fargo & Co. (Wells Fargo ERISA Litig.), No. 08-04546 (D. Minn.).  This litigation involved allegations of breaches of ERISA fiduciary duties and prohibited transactions where defendants invested retirement plan savings in proprietary mutual funds with high fees and poor performance.  $17.5 million was recovered for the plan.

  • Sherrill v. Federal Mogul Corp. Ret. Programs Committee, et al., 04072949 (E.D. Mich.) (plan sponsor bankruptcy with asbestos liability).  Plan with 12,000 participants. $12.75 million settlement.

  • Koch v. Dwyer, et al., 98-cv-5519 (RPP) (S.D.N.Y.) (bankrupt plan sponsor).  This litigation involved JWP, Inc., a S&P 500 company that declared bankruptcy.  A $6.4 million settlement was reached in 2002 on behalf of JWP’s pension plan.

Overall, the firm has prosecuted cases on behalf of hundreds of thousands of plan participants recovering more than $250 million.  Many lawsuits involved allegations of fiduciary breaches with respect to a pension plan sponsored by a S&P 500 or similar company.   

The firm currently litigates several other cases throughout the United States on behalf of thousands of pension plan participants who have lost retirement assets due to a trustee’s or fiduciary’s breach of fiduciary duty.  These cases include the following ERISA actions:

  • Feinberg, et al., v. T. Rowe Price Group, Inc., et al. (D.MD), Case No. 17-cv-00427:  Alleging breaches of ERISA fiduciary duty where defendants invested retirement plan savings in proprietary mutual funds with high fees and poor performance.

The Defendants in these cases include fiduciaries and administrators of 401(k) Plans, corporate boards which appointed and failed to monitor the fiduciaries and administrators. The lawsuits allege a variety of federal pension law violations, including that fiduciaries of these pension plans failed to perform fiduciary duties to the funds and their pension plan members as required by federal law, participated in others breaches of fiduciary duty, and engaged in prohibited transactions, involving conflicts-of-interest, under federal pension law.

The events beginning in late 2001 and the first half of 2002, including the financial collapse and bankruptcy filings by ENRON, WorldCom, and Global Crossing confirmed the risks that participants in defined contribution pension plans are exposed to because of large portfolios of Company Stock.  The nature of this risk to 401(k) plan participants was brought to the attention of the United States Department of Labor in 1997 by Mr. McTigue when he was invited to testify before the Department’s pension fund Advisory Council.

 
 
 

© 2006 McTigue Law LLP.