Special Report: "Who May Sue You and Why: How to Reduce Your ERISA Risks, and the Role of Fiduciary Liability Insurance"

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Oct 10, 2017, 14:07 ET

WASHINGTON, Oct. 10, 2017 /PRNewswire/ -- In a new Special Report, "Who May Sue You and Why: How to Reduce Your ERISA Risks, and the Role of Fiduciary Liability Insurance," nationally recognized ERISA litigator Lars C. Golumbic of Groom Law Group explores the implications of this trend and the ways in which potential litigation targets can take steps to mitigate and insure against this growing risk. This Special Report is sponsored by Chubb.

ERISA plan sponsors, fiduciaries, and service providers are facing an unprecedented upswing in litigation, costing fiduciaries millions of dollars to defend and exposing them to many more millions of dollars in potential liability. Fueled by a number of key court victories for plaintiffs and several multi-million-dollar settlements, the trend shows no sign of slowing down.

"Although ERISA class-action lawsuits have been around for years, we've recently seen an expansion in the number of plaintiffs' law firms bringing these cases. More and more firms are jumping on the bandwagon as they see other firms' investments in ERISA litigation paying off," says Golumbic. "What's more, even the established firms have significantly expanded their fiduciary targets—and now no plan sponsor or fiduciary is immune from suit."

According to the Special Report, plaintiffs are especially targeting the following kinds of plans:

401(k) plans that offer employer securities as an investment option;
401(k) and 403(b) plans that offer mutual funds, annuities, stable value funds and/or target date funds that aren't among the best performing/least expensive ones available on the market or that utilize revenue sharing;
Employee stock ownership plans or "ESOPs" (especially leveraged ESOPs); and
Plans that claim the church plan exemption to ERISA.

The Special Report provides a timely analysis of these risks, along with practical suggestions on plan design and administration that may help reduce potential exposure. The Special Report goes on to share insights on how fiduciary liability insurance can mitigate risk and protect the fiduciaries' personal assets.

"Although no one likes being sued, knowing you are well-insured and that your insurer and your counsel are experienced in fiduciary litigation can ease your mind and potentially lessen your ultimate exposure," explains Alison L. Martin, Senior Vice President, Financial Lines Product Manager at Chubb. "In today's litigious environment, fiduciary liability insurance is a key component in overall risk mitigation."

A copy of "Who May Sue You and Why: How to Reduce Your ERISA Risks, and the Role of Fiduciary Liability Insurance" is available here.

About Groom
Groom Law Group is the premier benefits law firm in the United States, with more than 80 attorneys dedicated solely to the practice of benefits law. Lars Golumbic and the other attorneys in Groom's nationally-recognized litigation group have substantial experience handling employee benefit, retirement, and health-related controversies ranging from complex class actions and multi-district litigation to major federal agency investigations. Groom is consistently recognized by Chambers USA and The U.S. Legal 500 as one of the top national ERISA litigation firms. Lars is listed by those rating services and by Best Lawyers and Super Lawyers as one of the top ERISA litigators in the country. Additional information can be found at www.groom.com.

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com.

Contact:
Yena Lee
202-861-2603
[email protected]

SOURCE Groom Law Group, Chartered