The family of a man killed in the Route 91 Harvest Festival shooting is taking legal steps to ensure the tragedy’s victims get what they deserve. John Phippen, 56, was one of the 58 people killed by domestic terrorist Stephen Paddock on Sunday in Las Vegas. His family has filed a motion to freeze Paddock’s assets to ensure they aren’t distributed to his heirs.
Organizers of the failed Fyre Festival have been hit with another lawsuit — this time from an investor who claims the fiasco was a massive fraud from the start. Oleg Itkin of Manhattan says he handed over $700,000 from January to April after organizer William McFarland showed him a “projected income statement” showing $932 million in expected revenue by November 2017, according to court papers. …
A participant in the Seventy Seven Energy Inc. Retirement & Savings Plan has filed a lawsuit on behalf of the plan and a class of similarly situated participants in the plan against the 401(k) Fiduciary Committee, other plan fiduciaries, as well as Delaware Charter Guarantee & Trust Company d/b/a Principal Trust Company. The lawsuit alleges that Committee Defendants and Principal Trust …
Your business has been performing well for years, turning a profit and continuing to grow. Then, out of the blue, you get served with a lawsuit. If you aren’t prepared for this scenario, you’re putting your business in jeopardy. Asset protection is a near 50-year-old specialization of debtor-creditor law, where niche business attorneys and consultants will seek to structure business and personal assets in such a fashion to where they become somewhat invulnerable to creditor civil judgments. It’s important to note, however …
Wells Fargo & Co. enriched itself at its employees’ expense by including costly, in-house target date funds in its 401(k) plan, a new class action complaint alleges ( Meiners v. Wells Fargo & Co. , D. Minn., No. 0:16-cv-03981, complaint filed 11/22/16 ). In the past year, several proposed class actions have targeted financial companies that include in-house investment products in …
Wells Fargo faces a new lawsuit claiming 401k self-dealing on the part of $3 billion of employee retirement savings. Plaintiffs allege the company funneled 401k plan assets into “expensive, under-performing” proprietary target date funds to enrich itself. Reuters reports the proposed class-action lawsuit, filed on Tuesday in federal court in Minnesota, accused the third-largest U.S. bank of steering 401(k) contributions to its Wells Fargo Dow Jones Target Date funds. The lawsuit, filed by employees, seeks to “recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k) participants over the last six years,” according to the complaint. It added that Wells Fargo’s target date funds cost 2.5 times more than similar funds from …
There have been few new developments in the ongoing class action lawsuit against the now defunct cryptocurrency exchange, Cryptsy. The Bitcoin exchange based out of Florida stopped its operations earlier this year. At the time of shutting down, the platform allegedly had accommodated liabilities of over $10 million, of which $5 million belonged to the customers.
The pharmaceutical company allegedly shielded their branded drugs from generic competition and inflated their revenues using a fraudulent scheme. T. Rowe Price also declined to comment. The lawsuit points to Valeant’s alleged decisions to massively increase prices of so-called “orphan drugs” to treat rare medical conditions that face little or no competition and “back door” efforts to receive …
Many ERISA 401(k) plan trustees act as intermediaries when participants request a disbursement. If plan assets are invested in funds, some fund shares will be exchanged for cash, and the cash will then “float” as it makes its way from fund to participant. During that process, the float may sit temporarily in a non-plan, non-participant account, and it might earn interest.
Are we about to witness a breakthrough in the case of the missing $6 million in cryptocurrencies that Cryptsy claims were stolen by a hacker? could be. The bitcoin exchange has just publicly released a “Reward Contract” signed with an anonymous hacker that goes by the alias Cryptcracker.