Bailey & Glasser, LLP partner and ERISA litigator Mark Boyko was quoted in Law360 and Bloomberg Law discussing a newly-issued federal 7th Circuit Court of Appeals ruling that may be beneficial to plaintiffs who must meet certain pleading standards to successfully pursue claims against retirement plans that breach their duties to make prudent investment decisions. As told to Bloomberg Law:
Bailey Glasser and co-counsel Robert Izard and Douglas Needham represent a pair of subclasses of Metropolitan Life Insurance Company whose pension benefits were unlawfully reduced using outdated mortality estimates. On March 20, 2023, a federal magistrate recommended that the claims proceed as a class action.
The Pension Rights Center, a nonprofit consumer organization dedicated to protecting and promoting retirement security, was designated the recipient of a $560,000 cy pres award by Bailey & Glasser, LLP.
“Make no mistake, the decision is a win for workers and retirees” – BG partner Mark Boyko is quoted in Law360 commenting on the impact of a federal court appeal rejecting a management-side argument to force an ERISA lawsuit into individual arbitration, finding that an agreement tucked into ESOP plan documents blocked relief under federal benefits law.
Bailey Glasser was delighted to sponsor the Pension Rights Center’s event on October 26th celebrating the life and legacy of Karen Ferguson. Karen was the Founder of the Pension Rights Center and a tireless advocate who dedicated her life to protecting the retirement security of workers, retirees, and their families. In further recognition of Karen’s legacy, we are also glad to direct a $24,831 cy pres award to the Pension Rights Center to support their mission ensuring individuals receive and retain the retirement benefits they have earned.
