Federal Judge Grants Class Certification in ERISA Suit Against Deutsche Bank
From the Desk of Jim Eccleston at Eccleston Law LLC:
A New York federal judge has granted class certification for an Employee Retirement Income Security Act (ERISA) case involving all participants of a Deutsche Bank Americas Holding Corp. 401(k) plan whose individual accounts suffered losses.
The original lawsuit stems from allegations that Deutsche Bank steered plan investments into under-performing funds that paid the bank and its subsidiaries higher management and administrative fees. A request for class certification was proposed because of the significant amount of individuals involved, including 32,000 plan participants who were offered 22 core investment options, 10 of which were mutual funds affiliated with Deutsche Bank.
In granting the class certification request, the federal judge asserted that the lead plaintiffs and the class members’ claims arose from the same course of events, involving the same questions of fact and law. Those questions included: whether Deutsche Bank was a fiduciary; whether Deutsche Bank’s process for assembling and monitoring the plan’s investments at issue was a conflict of interest; and whether Deutsche Bank acted imprudently by failing to control record keeping expenses.
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Related Attorneys: James J. Eccleston
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