Former employees of Teva Pharmaceuticals USA have filed a claim against their former employer over contributions made to retirement accounts. Employers have the obligation to manage retirement accounts on behalf of their employees well, and mismanagement of these accounts can lead to legal claims over ERISA fiduciary duty. In this specific complaint, the plaintiffs claim the company chose plans that resulted in high fees.
When any employer is managing a retirement account, including those in Tennessee, the expectation is that the company will act in the best interests of the employees. In this case, the plaintiffs are not challenging the performance of the specific plan chosen by the employee. Instead, the plaintiffs are saying their employer failed them by choosing a plan that resulted in high record-keeping fees.
The company moved to dismiss the case, but that attempt was not successful. They will now proceed to the discovery phase and then on to trial. The decision to proceed to trial was based on legal precedent from two previous cases based on similar issues. If the plaintiffs are successful, the company could owe compensation to these individuals and others who paid money into the company’s retirement plan.
ERISA claims are complex, and Tennessee employees concerned about their company’s retirement plans do not have to walk through this process alone. It is helpful to first speak about these concerns with an experienced attorney who can effectively evaluate the situation, explain the options available and help the employee move forward with the appropriate course of action. This may include filing a lawsuit.