Milberg has been a leader in protecting the interests of working men and women through litigation on behalf of employee retirement funds and suits brought under the Employee Retirement Income Security Act (“ERISA”) and state and federal labor and employment laws. The Firm is proud to work with labor unions and their counsel in efforts to vindicate workplace rights through the judicial process.
Recently, Milberg secured a $40 million cash settlement for former General Electric (“G.E.”) employees who claimed the company imprudently invested more than two-thirds of their 401(k) retirement savings plan assets in company stock. The settlement also provided important structural changes to G.E.’s 401(k) plan, valued at over $100 million, which will benefit current and future G.E. 401(k) plan participants. See In re General Electric Co. ERISA Litigation, No. 06-315 (N.D.N.Y. Aug. 9, 2009).
Among other significant achievements in the Firm’s ERISA practice, the Firm prosecuted an ERISA breach of fiduciary duty class action against the Royal Dutch/Shell Oil Group of Companies on behalf of certain U.S. employees invested in the companies’ stock fund, resulting in a $90 million dollar settlement, the largest ERISA settlement at that time. Notably, the settlement included important provisions regarding the monitoring and training of individuals appointed to be ERISA fiduciaries. See In re Royal Dutch/Shell Transport ERISA Litigation, No. 04-1398 (D.N.J.).
Milberg is currently serving or has served as co-lead counsel in ERISA litigation against Morgan Stanley, Boston Scientific Corp., Macy’s, Royal Dutch/Shell Oil Group, and General Electric Corp. among others. Milberg also serves on the Executive Committee in the Wellpoint, Inc. ERISA Litigation, and is involved in ERISA litigation against: American International Group, Inc., Citigroup, Colonial Bancgroup, Constellation Energy Group, Fremont General Corp., Hartford Financial, KeyCorp., Lehman Brothers, Merrill Lynch, and Textron, among others.