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JUDGE GRANTS FINAL APPROVAL OF SETTLEMENT IN BANK OF NEW YORK MELLON FOREIGN EXCHANGE LITIGATION

U.S. District Judge Lewis D. Kaplan has granted final approval of settlement in the Bank of New York Mellon Foreign Exchange Transactions Litigation, 12-md-2335, Southern District of New York.

In a September 24, 2015, order, Judge Kaplan approved a class action settlement resolving allegations that the Bank of New York Mellon (BNYM) violated its fiduciary and statutory duties to thousands of clients, including hundreds of ERISA pension and 401(k) plans, which used BNYM’s “standing instruction” foreign exchange transactions service.

Judge Kaplan called the Bank of New York Mellon’s actions “an outrageous wrong” and praised the work of plaintiffs’ counsel, including McTigue Law LLP, which was lead counsel for the ERISA class and co-Lead Settlement Class Counsel.

  “This really was an extraordinary case in which plaintiff's counsel performed, at no small risk, an extraordinary service,” Judge Kaplan said in remarks from the Bench during the final approval hearing.  “They did a wonderful job in this case, and I've seen a lot of wonderful lawyers over the years.  This was a great performance.”

 For more information regarding the settlement, please visit the settlement website http://www.bnymellonforexsettlement.com/

 

 

Wells Fargo Mutual Fund Fee Litigation

US District Court Judge Paul A. Magnuson has preliminarily approved settlement of an ERISA class action now pending in the US District Court for the District of Minnesota. In the case, Figas v. Wells Fargo, et al, 08-04546, Plaintiff Robin Figas has alleged that Wells Fargo violated its fiduciary duties under Federal pension law by directing the assets of participants in the Wells Fargo & Company 401(k) Plan (the “Plan”) into high-fee, low-performance mutual funds managed by affiliates of Wells Fargo.

McTigue Law, along with co-counsel Bailey & Glasser LLP, has been named Lead Counsel for a class of Plaintiffs that includes all Participants in the Wells Fargo & Company 401(k) Plan whose Plan accounts had a balance in certain Wells Fargo mutual funds from November 2, 2001, to October 8, 2009.  If you are a current or former participant in the Plan and would like additional information, please visit www.wf401ksettlement.com, or call 1-877-340-6603.


federal mogul corporation

 

 $12.75 Million Settlement Reached in federal mogul ERISA Litigation

July 13, 2007 — United States District Court Judge Avern Cohn today granted final court approval to a $12.75 million settlement in Sherrill v. Federal Mogul Corp. Retirement Programs Committee, et al.  The settlement will be used to offset financial losses suffered by participants in and beneficiaries of the Federal Mogul Corporation Salaried Employees Investment Plan.  McTigue Law LLP served as co-lead counsel for the plaintiffs in the suit. 

The Complaint in the the Federal Mogul ERISA litigation was filed in 2003 in the U.S. District Court for the Southern District of Illinois.  The case was subsequently transferred to the U.S. District Court for the Eastern District of Michigan.  In the Complaint  Plaintiffs alleged that participants in the Federal Mogul Corporation Salaried Employees Investment Plan suffered significant financial losses as a consequence of mismanagement of the Plan by Federal Mogul during the period preceding the auto parts manufacturer's Bankruptcy.  Federal Mogul filed for Chapter 11 bankruptcy protection in October 2001.


CMS Energy corporation

$28 Million Settlement Reached in CMS Energy Corporation ERISA Litigation

May 1, 2006 — United States District Court Judge George Caram Steeh has granted preliminary court approval of a $28 million settlement in the CMS ERISA Litigation.  The settlement will be used to offset financial losses suffered by plaintiffs in the suit.  McTigue Law LLP served as co-lead counsel for the plaintiffs. 

Notice of the settlement was mailed to plaintiffs on May 1, 2006, and a final Fairness Hearing will be held on June 15, 2006.  At that time, Judge Steeh will determine whether to grant final approval of the settlement.

The Complaint In re CMS Energy ERISA Litigation was filed in the U.S. District Court for the Eastern District of Michigan in July of 2002 on behalf of a “Class” of Plaintiffs comprised of participants and beneficiaries of the Employees’ Savings Plan of Consumers Energy Company.  The Complaint alleges that Savings Plan participants suffered significant financial losses as a consequence of mismanagement of the Plan by CMS and a failure by its designated fiduciaries to fulfill their duties under federal pension law, including:

  • failing to prudently and loyally manage the Plan’s assets;
  • failing to provide participants with complete and accurate information regarding CMS stock sufficient to advise participants of the true risks of investing their retirement savings; and,
  • failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate.