Marsh & McLennan Cos. ERISA Litigation
The In Re Marsh ERISA Litigation Consolidated Complaint was filed in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a class (the “Class”) of all persons who were participants in or beneficiaries of the Marsh & McLennan Companies Stock Investment Plan (“the Plan”) between July 1, 2000 and January 31, 2005 (the “Class Period”).
The Complaint alleged that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:
- failing to prudently and loyally manage the Plan’s assets
- failing to provide participants with complete and accurate information regarding MMC stock sufficient to advise participants of the true risks of investing their retirement savings
- failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate
- violating the co-fiduciary liability
- and knowingly participating in a breach of duty.
The Stipulation and Agreement of Settlement provided for a Gross Settlement Fund of $35 million. On January 29, 2010, the Court approved the Settlement and entered a Final Order and Judgment.