18th Annual Workplace Class Action Report - 2022 Edition

VI. Significant Class Action Rulings Under The Employee Retirement Income Security Act Of 1974 Annual Workplace Class Action Litigation Report: 2022 Edition 309 Class action settlements and decisions in 2021 under the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq. (“ERISA”), significantly impacted the direction of ERISA litigation. Among the more closely watched ERISA class actions, courts confronted class certification issues in cases involving challenges to continued employer stock investments in 401(k) defined contribution pension plans and employee stock ownership plans (“ESOP’s”). Courts also continued to split on whether plaintiffs who have received lump sum distributions have standing to sue under ERISA, whether cash balance plans are inherently age-discriminatory, and whether employers may modify retiree health benefits. Plaintiffs also have filed repeated class actions challenging the reasonableness of investment management and other fees against some of the nation’s largest 401(k) retirement savings plans. In terms of geographic distribution, the ERISA certification rulings were as follows: Analysis Of ERISA Decisions CIRCUIT COURT D.C. Circuit Certification Motions Granted 0 0 1 0 1 0 3 1 1 0 1 0 Certification Motions Denied 0 1 0 0 0 0 0 3 0 1 1 0 Decertification Motions Granted 0 0 0 0 0 0 0 0 0 0 0 0 Decertification Motions Denied 0 2 0 0 0 0 0 0 0 0 0 0 Sub-Total: 8 Certification Motions Granted / 6 Certifications Motions Denied 0 Decertification Motions Granted / 2 Decertification Motions Denied A. Cases Certifying Or Refusing To Certify ERISA Class Actions (i) First Circuit No reported decisions.