ERISA Class Action against Provider of Retirement Plan Services to Small- and Mid-Sized Plans

Analysis Group was retained in an ERISA class action lawsuit by counsel on behalf of the defendant, a provider of investment management and recordkeeping services to thousands of retirement plans. Plaintiffs alleged that the defendant had breached its fiduciary duties by charging excessive fees, improperly retaining revenue sharing payments, and engaging in prohibited transactions. Plaintiffs sought certification of a class consisting of all trustees, sponsors, and administrators of all ERISA plans that purchased retirement plan services from the defendant. An Analysis Group team led by Managing Principals Michael Beauregard, Lee Heavner, and Michael Holland supported Co-Founder Bruce Stangle and President Pierre Cremieux. Dr. Stangle opined on issues related to class certification and the economics of retirement plan products, and Dr. Cremieux opined on loss causation and damages issues.