ERISA Claim Samples

Actual Claims taken from insurance company files.

A health plan trustee allegedly did not monitor the performance of it's third party administrator (TPA) and retained the company despite it's inadequate performance.  Loss: $230,000

Trustees of a pension plan were accused of failing to inform the employees of the penalties for withdrawing from the annuity plan or the excessive surrender charge on the life insurance policy. Loss: $72,000

Trustees of a stock bonus plan allegedly purchased property for the plan which was owned by the corporation and a trustee without getting an independent appraisal. Loss: $50,000

The trustees of a retirement plan allegedly failed to adequately investigate the propriety of purchasing individual life insurance policies as investments. Loss: $236,000

A trustee of a welfare plan was accused of negligently paying firms providing services to the plan. Loss: $30,000

Trustees of six plans were accused of improperly investing plan assets in a residential development loan which defaulted. The trustees allegedly failed to evaluate the borrower’s creditworthiness and determine the economic feasibility of the project. Loss: $550,000

Trustees of a welfare plan allegedly paid improper, excessive and unreasonable compensation to a dental service provider. Loss: $140,000

The administrator of a savings and profit sharing plan allegedly failed to notify participants who reached age 60 that they had an option to transfer any or all of their regular balances to a participant contribution account. Loss: $99,702

Trustees of a profit sharing plan were accused of improperly concentrating plan investments in a single industry and investing a high proportion of the plan’s assets in a limited number of stocks. Loss: $439,560

A trustee of a profit sharing plan allegedly concentrated its assets in real estate investments and real estate. Two other plan trustees were also named because they allegedly did not prevent the ERISA violations. The company also was accused of failing to monitor the proper management of the plan. Loss: $172,592