Financial services professionals entrusted with managing large sums of money on behalf of investors all too often abuse that trust. Retirement savings are vulnerable to being whittled away by fees associated with financial service professionals. ERISA provides robust protections and remedies against excessive fees.
When the money you count on for your retirement is lost or mismanaged, we can help you explore options for recovery including:
ERISA Class Actions – Lawsuits against pension fund managers for violations of fiduciary duties imposed by the Employee Retirement Income Security Act.
401(k) Plan Fee Litigation – Lawsuits when excessive fees charged by plan administrators affect the balance of employee 401K plan participant accounts.
Company Stock Litigation – Lawsuits against companies that provide inaccurate financial statements or misleading information about stock offerings.
ERISA Claims Monitoring – ERISA claims arising from plan fiduciaries' failure to monitor investments and/or expenses.
Fiduciary Nondisclosure and Misrepresentation Claims – Lawsuits against employers who improperly reduce benefits or change plan terms without proper notice.
Pension Plan Litigation – Lawsuits against employers who underfund pension funds or who use pension money for other business expenditures.
Brokerage Firm Litigation – Lawsuits against brokers and financial advisors for negligent research and inappropriate investment decisions when managing retirement plans.
The founder of McKay Law, Mike McKay is one of the most experienced and successful financial services litigators in the country. He has worked on cases that have recovered nearly $700 million dollars for his clients. If you believe that your retirement funds have been mismanaged, please contact McKay Law at 480-681-7000 for a free consultation.
Current Financial Services Litigation Investigations
University Retirement Plans – McKay Law is investigating whether fiduciaries for university retirement plans breached ERISA duties by causing plan participants to pay unnecessary fees and by including among the plan options certain poorly-performing investments.
Mike McKay brought a lawsuit against the University of Chicago for breach of ERISA duties in connections with its employee retirement plan. The case settled this year for $5.6 million. McKay Law believes similar claims could provide millions of dollars in benefits to investors in university retirement plans across the country. If you are an investor in a university retirement plan and believe you may be paying excessive fees, please call us at 480-681-7000 for a free consultation to discuss your situation.
Self-Dealing – McKay Law is investigating whether financial service companies breached ERISA duties by freighting the retirement plan investment menus with high-cost and poorly performing funds. These funds and the associated fees enrich financial service professionals at the expense of investors.
Mike McKay brought similar claims against Fidelity Investments, Transamerica, and Jackson National Life Insurance. These cases settled for roughly $9 million, $3 million, and $4.5 million, respectively. McKay Law believes that similar claims could provide millions of dollars to investors in other retirement plans. If you believe your retirement plan has been mismanaged, please do not hesitate to contact McKay Law at 480-681-7000 for a free consultation. We are ready, willing, and able to help.
Retirement Plan Loans – We are investigating whether MetLife and Valic breach ERISA duties by charging excessive fees to investors who loan money from their retirement accounts.
Mike McKay brought similar claims against TIAA. That case is pending in the Southern District of New York. McKay Law believes similar claims against MetLife and Valic could provide millions of dollars to retirement plan participants whose plans are administered by MetLife or Valic. Please contact McKay Law immediately at 480-681-7000 if you have borrowed money from your retirement account and your retirement plan is administered by MetLife or Valic.
High Priced Index Funds
High priced index funds have been described by Reuters as “the worst deal for investors.” McKay Law is investing whether mutual fund companies who sell high priced index funds violate federal law by charging excessive fees in connection with these funds. Most investors own some type of index funds.
Please call McKay Law sat 480-681-7000 for a free consultation about your investments, and to hear the truth about the fees you're paying to investment advisors and service providers. These fees are often far higher than people realize.