ERISA/ Pension Benefits
Representative cases:
Company Stock & Asset Mismanagement
In re Xerox Corporation ERISA Litig., No. 02-1138 (D. Conn.). Co-Lead Counsel in class action challenging Xerox Corporation's 401(k) plans' investment in Xerox stock with resulting losses to tens of thousands of plan participants.
Babcock v. Computer Assocs. Int'l, No. 00-1648 (E.D.N.Y.). Lead Counsel in class action on behalf of 700+ participants in employee stock ownership plan alleging failure to follow plan documents and failure to prudently invest plan assets. Case settled after eight years of litigation for in excess of $2 million in 2008.
In re Household Int'l, Inc., ERISA Litig., No. 02-7921 (N.D. Ill. Der-Yeghiayan, J.). Mr. Watkins' prior firm was co-liaison counsel in case alleging that plan fiduciaries breached their fiduciary duties by allowing imprudent investment of plan assets in company stock. Settled for $45 million.
In re HealthSouth ERISA Litig., No. 03-1700 (N.D. Ala.). Steering Committee Member in a case alleging that employee stock ownership plan fiduciaries breached their duties by maintaining imprudent investments in company stock and failing to monitor the activities of other fiduciaries engaged in accounting fraud.
Benefits Cases
In re Sears Retiree Group Life Ins. Litig., No. 97-7453 (N.D. Ill.). Mr. Watkins' prior firm was Co-lead Counsel in an ERISA class action on behalf of 80,000 Sears retirees. Settlement conferring between $30 million and $200 million in benefits approved March 5, 2002.
Kiefer v. Ceridian Corp., 976 F.Supp. 829 (D. Minn. 1997). Mr. Watkins' prior firm was Lead Counsel in $51 million settlement of ERISA class action reached in October 1997, three weeks before trial.
Carter v. Ret. Plan of Texaco, Inc., No. 99-0114 (S.D.N.Y.). Mr. Watkins' prior firm was Lead Counsel in $10 million settlement of ERISA class action on behalf of 10,000 plan participants. Settled October 10, 2000.
Shrader v. BP Corp., 02-8668 (N.D. Ill. 2002) (Messrs. Watkins' and Wylie's prior firm acted as lead counsel, with $2.3 million ERISA class settlement).
Steiner v. Control Data Sys., Inc., No. 98-1489 (D. Minn). Mr. Watkins' prior firm was Lead Counsel in $4.25 million ERISA class action settlement affecting some 700 plan members in July 1999.
Scott v. Washington Nat'l Ins. Co., No. 96-3828 (N.D. Ill.). Mr. Watkins' prior firm was Lead Counsel in ERISA welfare benefits class action settled by employer's agreement to provide back benefits and lifetime retiree health care benefits to class of retirees.
Watkins v. York International, No. 4:04-cv-40377 (E.D. Mich.) (under-seal settlement of benefits class action.)