Eaton Vance ERISA Breach of Fiduciary Duty Class Action – $3.45 Million Settlement

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Charles Field
Charles Field
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Case Description

Case Type: Financial Services Litigation
Organization: Eaton Vance

On October 5, 2018, Sanford Heisler Sharp commenced a class action lawsuit in the District of Massachusetts against the Eaton Vance Corp. over claims the company breached its fiduciary duty under ERISA and committed prohibited transactions by using its $434 million retirement plan as a test vehicle for self-gain. Sanford Heisler Sharp alleged the company filled its 401(k) plan with expensive, poorly performing funds that earned fees for the company but deprived employees of millions of dollars in retirement savings.

Before any major litigation got underway, the parties agreed to settle the claims for $3.45 million on May 6, 2019. In June 2019, Notice of the Class Settlement was sent to 2,900 current and former plan participants. The Court granted final approval of the Class Settlement on September 24, 2019.

The deal benefited some 2,900 current and former participants.

If you or someone you care about has been taken advantage of in a securities or other financial transaction, Sanford Heisler Sharp can help right that wrong.

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Sanford Heisler Sharp, LLP is a public interest law firm representing individuals and groups against corporations and governmental entities. The firm also represents individual citizens when a corporation is committing an act of fraud against the U.S. Government. As a private attorney general, Sanford Heisler Sharp, LLP specializes in employment, Title VII and wage and hour matters; representation of executives and attorneys; qui tam whistleblower cases; consumer fraud; housing discrimination; mass torts; and appellate and complex litigation.

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