Pension Mismanagement Lawsuits
Suing for Damages Caused by Negligent Administrators
If you are like so many hardworking Americans, then you are relying on your pension plan to fund your retirement. What are you supposed to do if your pension is emptied, underfunded, or mismanaged to the point that you lose your benefits? What can you do if you are denied your hard-earned pension plan benefits?
When the going gets tough, you can lean on Kantor & Kantor, LLP and our pension lawsuit attorneys. We proudly serve people from all corners of California who are at risk of losing their pension benefits due to no fault of their own. Our team is used to taking on some of the most powerful insurance companies in the world on behalf of our clients, so there is no opposition in your pension plan lawsuit that can intimidate us.
A pension plan provided through your employment should be managed by a pension plan administrator. This third party – who may also work for or as part of your employer’s company – has a fiduciary duty to carefully manage and oversee the pension plan as needed. In other words, they must always act in a way that best benefits members of the pension plan when making important decisions regarding that pension plan. Since numerous people will contribute to a pension plan account for their retirement, any issue caused by an administrator’s decisions could erupt in not a singular lawsuit but a class action instead.
A pension plan lawsuit or class action may involve accusations of:
- Wrongful denials: While it is possible for your employer to deny your pension legally, there are numerous laws and rules that favor you, the employee contributing to the pension plan. If you were denied access to your pension plan benefits for any reason, you should contact our attorneys
- Underfunding: A pension plan that does not have enough assets to provide obligated payments to all pension plan members is underfunded. When a pension plan is underfunded, certain members are at risk of receiving nothing due to the plan “running dry” before they can use their own assets or benefits.
- Overfunding: On the other hand, a pension plan can become overfunded due to a stock market windfall or other financial gain. An overfunded pension plan should have more than enough assets to account for all members. Issues can arise if the pension plan administrator or controlling company denies that the plan is overfunded and still demands contributions from its members, despite that technically no longer being necessary.
- Other breach of fiduciary duty: There are many ways that a pension plan administrator has to watch over and care for a pension plan to the best of their ability and always with honesty. Any form of dishonesty or unreasonable negligence that defrauds pension plan members can be seen as a breach of fiduciary duty and met with a class action.