News & Analysis as of

Employee Retirement Income Security Act (ERISA) Disgorgement

Frantz Ward LLP

Sixth Circuit Revives an Equitable Claim for Disgorgement Under ERISA Where an Insurer Obtained Reimbursement is Not Set Forth in...

Frantz Ward LLP on

In Patterson v. United Healthcare Insurance Company, 76 F.4th 487 (6th Cir. 2023), the Sixth Circuit held that the plaintiff insured had stated an equitable claim for disgorgement under ERISA where he sought disgorgement of...more

The Wagner Law Group

Pension Risk Transfers and the Continuing Concern About Buying a Pig in a Poke

The Wagner Law Group on

Pension risk transfers (“PRTs”) continue to make the news. And well they should. Last year alone, over $100 billion in liabilities were transferred from defined benefit pension plans to insurance companies. And the trend...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

2019-20 Supreme Court Update

The U.S. Supreme Court’s 2019-20 term is receiving substantial attention for cases involving signature initiatives of President Donald Trump’s administration. But the Court also maintains an extensive docket directly relevant...more

Alston & Bird

LSTA Revises Secondary Trading Documents: Notable Changes to Disgorgement Rights, Tax Gross-Up Obligations, and Voting Rights

Alston & Bird on

Our Distressed Debt & Claims Trading Team provides a summary of the changes the Loan Syndications and Trading Association made to their standard document in the wake of recent bankruptcies and circuit court decisions....more

Proskauer - Employee Benefits & Executive...

Ninth Circuit Affirms Dismissal of ERISA Claims Against Health Insurers

The Ninth Circuit agreed that the employer-members of Montana’s Chamber of Commerce failed to state a claim for breach of fiduciary duty under ERISA § 502(a)(2) and violations of ERISA’s prohibited transaction rules under...more

White and Williams LLP

California Federal Court Rules Excess Policy Not Triggered by Underlying Insurers’ Payment of Uncovered Loss

White and Williams LLP on

On Monday, November 16, 2018, in AXIS Reinsurance Company v. Northrop Grumman Corporation, Case No. 17-8660 (C.D. Cal.), a federal district court in California ruled that an excess fiduciary liability insurer did not owe...more

Stinson - Benefits Notes Blog

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

Jackson Lewis P.C.

Disgorgement Claims Continue To Confound Courts In ERISA Class Actions

Jackson Lewis P.C. on

Courts continue to be split over the availability of disgorgement and “accounting for profits” in ERISA class actions involving in-house investment plans. On March 3, 2017, in Brotherston v. Putnam Investments, LLC, No....more

Goodwin

Federal District Court Addresses Measure of Damages in ERISA Breach of Fiduciary Duty Case

Goodwin on

Fiduciaries of two defined contribution retirement plans sponsored by the same employer (the “Plans”) sued the Plans’ former investment manager for breach of ERISA fiduciary duties and state law violations in connection with...more

Proskauer - Employee Benefits & Executive...

Third Circuit Rules That Actual Harm Needed for Monetary Equitable Remedy

The Third Circuit recently held that a plaintiff was not entitled to a monetary, equitable remedy under ERISA § 502(a)(3) where he failed to prove actual harm. Perelman v. Perelman, Nos. 14–1663, 14–2742, 2015 WL 4174537 (3d...more

Carlton Fields

Sixth Circuit Holds No Disgorgement of Profits Based on Wrongfully Denied ERISA Disability Benefits

Carlton Fields on

The Sixth Circuit Court of Appeals, sitting en banc, recently decided a closely-watched case regarding the scope of "other appropriate equitable relief" under ERISA Section 502(a)(3). In Rochow v. LINA, the court held that...more

Goodwin

En Banc Sixth Circuit Rules Against Disgorgement Remedy in Benefits Case

Goodwin on

In Rochow v. Life Insurance Company of North America, No. 12-2074 (6th Cir. March 5, 2015), the U.S. Court of Appeals for the Sixth Circuit, sitting en banc, ruled that an insurance company that wrongfully denied benefits to...more

McDermott Will & Emery

Sixth Circuit Rejects Claim that Disgorgement of Profits Is Appropriate Remedy in ERISA Benefit Denial Action

McDermott Will & Emery on

On March 5, 2015, the U.S. Court of Appeals for the Sixth Circuit, sitting en banc in the matter of Rochow v. Life Insurance Company of North America, 2015 WL 925794 (6th Cir. Mar. 5, 2015), reversed the finding of a prior...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Revisiting Rochow: The Sixth Circuit Rejects Earlier $3.8 Million Equitable Award in Recent En Banc Decision

Just over a year ago, a panel decision by the Sixth Circuit Court of Appeals in Rochow v. Life Insurance Company of North America, 737 F.3d 415 made big news when the court upheld the district court’s award of $3.8 million in...more

Carlton Fields

Sixth Circuit Revisits Controversial ERISA Decision

Carlton Fields on

The Sixth Circuit Court of Appeals voted to rehear an ERISA action that awarded an unprecedented remedy for the alleged denial of long term disability benefits. The order, granting en banc rehearing, vacates a controversial...more

Williams Mullen

Court’s Award of $3.8 Million Raises Questions About the Scope of ERISA Remedies

Williams Mullen on

The U.S. Court of Appeals for the Sixth Circuit has affirmed an unusually large award of $3.8 million in a case involving the denial of long-term disability benefits. In Rochow v. Life Insurance Company of North America, No....more

Baker Donelson

Sixth Circuit Issues Shocking Opinion Against ERISA Insurer, Dramatically Changes The ERISA Landscape

Baker Donelson on

In what can only be described as a shocking opinion, the Sixth Circuit Court of Appeals issued a 2-1 decision affirming a lower court's award of $3.8 million dollars in disgorged profits to a former president of Arthur J....more

Proskauer - Employee Benefits & Executive...

Sixth Circuit Expands Availability of Remedies Under ERISA

The Sixth Circuit recently concluded that a disability plan participant was entitled to relief consisting of benefits under the plan and disgorgement of defendant’s profits for delaying payment. In so ruling, the Court found...more

Goodwin

Sixth Circuit Allows Expansive Remedies by Awarding Both Disgorgement of Profits and Benefits

Goodwin on

In a 2-1 decision, a Sixth Circuit panel, in an expansive view of the remedies available under ERISA, affirmed a district court decision allowing a plaintiff to both recover disability benefits under ERISA § 502(a)(1)(B) and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Rochow v. LINA: Can it Really be True that ERISA Benefit Claimants Can Recover Millions of Dollars in Disgorged Profits?

The federal district court decision in Rochow v. Life Insurance Company of North America, No. 04-73628 (March 23, 2012) went unnoticed by most ERISA practitioners after it was issued in 2012, even though the court awarded...more

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