ERISA Litigation

Frommert v. Conkright
Kunsman v. Conkright

Shapiro Haber & Urmy represents a former employee of Xerox Corp., who is seeking to represent a class of other similarly situated Xerox employees who participated in the Xerox Retirement Income Guarantee Plan (the "Plan"). The United States District Court for the Western District of New York has already ruled in favor of approximately 100 individual Xerox employees and held that the Plan administrators violated ERISA's anti-cutback rules (which makes it unlawful to reduce accrued pension benefits), when it calculated benefits for those plaintiffs under the Plan. Despite the Court's expectation that Xerox would apply its rulings to all similarly situated plan participants, Xerox has refused to do so. For that reason, Shapiro Haber & Urmy LLP has sought to intervene in the Frommert Action to obtain class-wide relief for all affected plan participants. The motion to intervene is currently pending.

Richard v. State Street Corp,

Shapiro Haber & Urmy LLP represents the plaintiff, individually, and on behalf of other participants and beneficiaries in the State Street Corporation Salary Savings Program (401-k) (the "Plan") in a case filed pursuant to Section 502 of the Employee Retirement Income Security Act ("ERISA") to recover damages suffered by the Plan for breach of fiduciary duty by State Street and certain officers and directors of State Street who were fiduciaries of the Plan. Plaintiff alleges that defendants breached their fiduciary duties to the Plan participants by continuing to offer State Street stock as an investment option under the Plan, when it was overvalued and no longer a prudent investment alternative, and by making material misrepresentations about the Company's foreign exchange trading revenue in communications with Plan participants who had invested in State Street stock. Plaintiff will be seeing certification of a class of all participants in or beneficiaries of the Plan who allocated any portion of their Plan account to State Street stock as of October 20, 2009.