Insurance company ERISA analysis
Bates White was retained by a client who filed a claim against an insurance company alleging an ERISA violation. A class of tens of thousands of retirement plan participants who invested in a guaranteed investment contract (GIC) in their retirement plan alleged that the company breached its fiduciary duties, paid itself excessive compensation, and engaged in transactions prohibited by ERISA by setting the credited rate on the GIC in its own interest rather than in participants’ interests. Bates White provided consulting services to the plaintiff attorneys.