Are you a current or former JPMC employee whose retirement plan was converted? If so, your rights to an accurate, non-misleading annual pension benefit statement may have been violated.
Did J.P. Morgan Chase fail to tell you that your benefits were frozen?
Keller Rohrback and co-counsel at Renaker Scott LLP have filed a lawsuit on behalf of a former J.P. Morgan Chase & Company (JPMC) employee asserting that JPMC, the JPMorgan Chase Retirement Plan, and its appointed fiduciaries violated the Employee Retirement Income Security Act of 1974 (“ERISA”).
Our client alleges that JPMC converted its traditional defined benefit pension plan into a cash balance plan, effectively freezing participants’ benefits for years because they would only accrue new benefits after the cash balance plan benefit exceeded the traditional defined benefit pension they had already accrued. Plaintiff alleges that JPMC provided annual pension benefit statements that only showed the participant’s cash balance benefit, even if the frozen benefit was larger. Plaintiff alleges that in this way, JPMC concealed from participants with frozen benefits that they were not earning additional benefits with continued service.
Though Plaintiff’s case was initially dismissed by a federal district court, the United States Court of Appeals for the Second Circuit reversed the lower court’s dismissal of his claim that JPMC failed to provide annual pension benefit statements informing him of his total accrued benefits as required by ERISA § 105. Now the case will return to the lower court for further proceedings.
Keller Rohrback and Renaker Scott LLP are investigating whether other JPMC retirement plan participants have also been affected by JPMC’s failure to disclose plan “wear-away” and provide annual pension benefit statements telling plan participants their actual total accrued benefits.
Are you a current or former JPMC employee whose retirement plan was converted? If so, your rights to an accurate, non-misleading annual pension benefit statement may have been violated.
Contact us now for a free no-obligation consultation to learn more about your legal rights. Call (800) 776-6044 or email us at [email protected], or complete the form on this page today.
About Keller Rohrback L.L.P.
Keller Rohrback’s Complex Litigation Group has a national reputation as the go-to plaintiffs’ firm for large-scale, complex individual and class action cases. We represent public and private investors, businesses, governments and individuals in a wide range of actions, including securities fraud, fiduciary breach, antitrust, insurance coverage, whistleblower, environmental and product liability cases. Founded in 1919, Keller Rohrback has eight offices across the country in Seattle, Portland, Oakland, Santa Barbara, Phoenix, Denver, Missoula, and New York. Over the past century, our firm has built a distinguished reputation by providing top-notch representation.
Keller Rohrback has won verdicts in state and federal courts throughout the nation, and has obtained judgments and settlements on behalf of clients in excess of $94 billion.
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