Case: Transamerica

Transamerica Can’t Use Settlement To Slip New 401(k) Suit

August 21st, 2019

By Kevin Stawicki Law360 (August 21, 2019, 6:19 PM EDT) — An Iowa federal judge has denied Transamerica Corp.’s attempt to shed a proposed class action surrounding allegations that it stuffed underperforming proprietary funds in its 401(k) plan, saying a previous settlement in an excessive fee suit doesn’t bar the new claims. U.S. District Judge […]

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ERISA case against Transamerica can continue, judge rules

August 21st, 2019

ROBERT STEYER A U.S. District Court judge in Cedar Rapids, Iowa, rejected a petition by Transamerica Corp. to dismiss an ERISA fiduciary breach lawsuit against the company and its defined contribution plan. Current and former plan participants sued in January alleging that plan managers violated their fiduciary duties by imprudently retaining six proprietary, poor-performing investment […]

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Employees sue Transamerica, claim poor management cost them millions in retirement accounts

January 11th, 2019

Stephen Gruber-Miller, Des Moines Register Employees of a Cedar Rapids investment company are suing their employer for allegedly costing them millions of dollars in poorly performing retirement accounts. Three employees of Transamerica allege in a class action lawsuit filed in federal courtin Iowa on Dec. 28 that poor performance of their employers’ funds cost them […]

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Lawsuit filed against Transamerica claims they mishandled employees’ retirement funds

January 3rd, 2019

by Eva Andersen CEDAR RAPIDS, Iowa (CBS2/FOX28) — Acting as the financial trustee for all of its employees’ 401K plans, Transamerica is required by the Employee Retirement Income Security Act of 1974 (ERISA statute) to periodically check in and see how their employees’ investments are performing. “The employer has a duty to monitor the plan […]

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Lawsuit filed claims Transamerica Corporation is misusing retirement funds

January 2nd, 2019

By Ellyn Felton IOWA (KCRG) – A class action lawsuit has been filed against Transamerica Corporation. A lawsuit between Transamerica Corporation and Sanford Heisler Sharp, LLP filed on December 28, alleges the company violated its duties under ERISA and abused employees’ trust by mismanaging their retirement funds. The lawsuit claims the company invested employee retirement […]

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Self-Dealing ERISA Challenge Targets Transamerica and Affiliates

January 2nd, 2019

The complaint suggests Transamerica continued to offer proprietary portfolios when their rates of return were meaningfully below stated long-term benchmarks. By John Manganaro Participants in Transamerica’s own retirement plan have sued the company under the Employee Retirement Income Security Act (ERSIA), alleging that the plan has favored investment products managed by a Transamerica affiliate, to […]

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Transamerica sued over 401(k) plan investment options

January 2nd, 2019

BY ROBERT STEYER Current and former participants in the Transamerica Corp.’s 401(k) plan have sued the company and plan fiduciaries, alleging they breached their duties under ERISA by failing to remove underperforming proprietary investments. The defendants “saddled the plan’s participants with substandard investment portfolios that were managed by a Transamerica affiliate,” said the complaint, filed […]

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Sanford Heisler Sharp Files Erisa Class Action Lawsuit Against Transamerica on Behalf of More Than 17,000 Retirement Plan Beneficiaries

January 2nd, 2019

Suit Alleges That Transamerica Places Employees In Poorly Performing Funds CEDAR RAPIDS, Iowa, Jan. 02, 2019 (GLOBE NEWSWIRE) — Sanford Heisler Sharp, LLP filed a class action complaint on Friday, December 28th in the U.S. District Court of Northern Iowa detailing the ways in which the Transamerica Corporation violates basic fiduciary duties under ERISA and […]

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Transamerica Faces Familiar Allegations in Self-Dealing ERISA Complaint

January 2nd, 2019

Similar to a lawsuit the firm settled a few years ago, a newly filed district court complaint says Transamerica “saddled its defined contribution plan participants with substandard investment portfolios that were managed by an affiliate.” By John Manganaro Participants in Transamerica’s own retirement plan have sued the company under the Employee Retirement Income Security Act […]

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Transamerica Corp. Hit With ERISA Class Action Over 401(k)

January 2nd, 2019

By Emily Brill Law360 (January 2, 2019, 6:54 PM EST) — A proposed class of roughly 17,000 participants in Transamerica Corp.’s 401(k) plan have sued the financial services company in Iowa federal court, claiming it flouted the Employee Retirement Income Security Act by placing six allegedly underperforming proprietary funds on the plan’s investment lineup. Calling […]

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