Benefits & Executive Compensation News

Ex-Discover Star Sues Over Pay Clawback Before $35 Billion Deal

A former top executive at Discover Financial Services has accused the credit card company of wrongly clawing back millions of dollars in compensation and using her as a “scapegoat” to assuage regulators ahead of its $35 billion merger with Capital One Financial Corp.

Home Depot Workers Denied Rehearing in 401(k) Loss Causation Row

Home Depot Inc. workers challenging their 401(k) plan fees failed to convince the Eleventh Circuit to rethink its recent decision saying they had the burden of showing how the retailer’s conduct caused them to suffer losses, a Wednesday court filing indicates.

Univar Solutions Workers’ 401(k) Settlement Gets First Approval

Univar Solutions USA Inc. received initial court approval for a $1.1 million class settlement with former employees who say their 401(k) plan charges high fees and offers risk target date funds.

Apollo Defends Board Independence in Leon Black Payout Dispute

Apollo Global Management Inc. on Wednesday downplayed relationships between a board committee and the private equity firm’s three co-founders who received a $570 million payout collectively in a restructuring that followed CEO Leon Black’s ouster.

Yellow Can Depose Teamsters President in Mass Layoff Fight

Yellow Corp. won bankruptcy court permission to depose the president of the International Brotherhood of Teamsters as the former trucking giant looks to build up defenses against claims over its mass layoff of workers last year.

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Latest Stories

Circuit Splits Reported in U.S. Law Week—August 2024

U.S. Law Week summarizes selected splits among U.S. federal courts of appeals each month.

By Bernie Pazanowski

Paramount’s Redstone to Reap $180 Million in Severance, Benefits

Shari Redstone, chair of Paramount Global, will get $180 million in severance and other benefits on top of hundreds of millions from the sale of her stock to a group led by filmmaker David Ellison, people with knowledge of the matter said.

Troutman Pepper, Locke Lord Partners Approve Big Law Merger

Partners at Troutman Pepper and Locke Lord this week voted in favor of the law firms merging, according to a joint statement Thursday.

IRS Seeks Comment on Treasury 401(k) Match Contributions

The Treasury Department and Internal Revenue Service requested comments on Saver’s Match, a SECURE 2.0-mandated program allowing 401(k) savers to receive an annual match contribution of up to $1,000 from the agency, slated to begin in 2027.

Aetna, Cigna Didn’t Disclose Key Billing Data, CMS Says

Four Aetna Inc. and Cigna Healthcare plans in Florida and Tennessee failed to report a key payment metric to medical providers in hundreds of cases, according to reports released by the Biden administration Thursday.

Lumen Technologies Retirees Sue Over $1.4 Billion Pension Move

Lumen Technologies Inc. is the latest company to be sued over its decision to remove retirees from its pension plan by purchasing annuities from an insurance company the retirees criticize as “highly risky.”

Yellen Says Labor Market ‘Healthy,’ Amid Unemployment Rise

Treasury Secretary Janet Yellen said the US job market remains healthy and touted “very solid” consumer and investment spending, even as recent data suggest some cooling is taking place.

‘Loper’ Ushers in Uncertainty as Courts May Reinterpret ERISA

By overturning Chevron deference to the regulations of federal agencies, the U.S. Supreme Court, on June 28 in Loper Bright Enterprises v. Raimondo, effectively transferred all interpretive authority of statutes to the courts, which are now considering challenges in several areas of ERISA regulation.

Baker McKenzie Recruits Ligeia Donis as Partner to Tax Practice

Ligeia Donis joined Baker McKenzie as a partner in its tax practice in Washington, the firm announced Thursday.

Forvis Mazars Faces Employment Bias Suit After Acquiring ProBank

A former marketing employee at Professional Bank Services Inc. sued it and its successor in interest, Forvis Mazars LLP, in federal court for employment discrimination.

IN BRIEF

Case: Health Care & Benefits/Long-Term Disability Benefits (C.D. Cal.)

The court granted the Guardian Life Insurance Co. of America’s motion to dismiss a Nations Direct Mortgage LLC employee’s ERISA claim seeking an award of long-term disability benefits for rheumatoid arthritis, depression, anxiety, and PTSD. Burleson v. Guardian Life Ins. Co. of Am., 2024 BL 308646, C.D. Cal., 8:23-cv-01036-JWH-DFM, 9/3/24

Case: Retirement Plans/Fiduciary Duties (D. Mass.)

The court denied Cape Code Healthcare Inc. and several individuals’ motion to dismiss a proposed class of participants and beneficiaries of the Cape Cod Healthcare Retirement Plan’s ERISA action for breach of fiduciary duty and failure to monitor fiduciaries. Somers v. Cape Cod Healthcare Inc., 2024 BL 304774, D. Mass., 1:23-cv-12946-MJJ, 8/30/24

Case: Health Care & Benefits/Reimbursement (M.D. Fla.)

The court granted Blue Cross Blue Shield of Florida Inc.'s motion to dismiss Abira Medical Laboratories LLC’s action alleging failure to pay or underpaying claims for medical services, for failure to state a claim under Florida or federal law. Abira Med. Labs. LLC v. Blue Cross Blue Shield of Fla. Inc., 2024 BL 300662, M.D. Fla., 3:23-cv-1092-TJC-SJH, 8/28/24

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