Myron Rumeld
Myron D. Rumeld has over thirty years of experience handling all aspects of ERISA litigation at both the trial and appellate level. His broad experience includes numerous representations of 401(k) plan fiduciaries defending class action employer stock and excessive fee claims. He is defending class action suits against Foot Locker, Charles Schwab and Neuberger Berman.
Chambers USA cites Myron as a “brilliant” and “sensational litigator,” who is "sharp, articulate, clever, and deeply committed to the work he does." Similarly, The Legal 500 United States has called Myron an “outstanding ERISA lawyer.”
Myron is co-chair of Proskauer’s nationally renowned Employee Benefits & Executive Compensation Group. He also served as the immediate past co-chairman of the Board of Editors for the American Bar Association publication, Employee Benefits Law (BBNA).
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The Sixth Circuit, in a matter of first impression for that Circuit, held an arbitration clause contained in an individual employment agreement did not apply to ERISA fiduciary breach claims brought on behalf of a defined contribution plan. The case is Hawkins et al. v. Cintas Corp., No. 21-2156, __ F.4th __, 2022 WL 1236954 … Continue Reading
On Friday, for the second week in a row, the Ninth Circuit reversed dismissal of a 401(k) plan excessive fee litigation challenging the offering of retail share classes of mutual funds instead of cheaper institutional share classes. As with its decision reviving the other 401(k) plan litigation (discussed in detail here), the Ninth Circuit declined … Continue Reading
On Friday, the Ninth Circuit became the first circuit court to rule in a 401(k) plan fee and investment litigation following the Supreme Court’s January 2022 decision in Hughes v. Northwestern University, 142 S. Ct. 737 (2022). In Davis v. Salesforce.com, Inc., No. 21-15867 (9th Cir. Apr. 8, 2022), the Ninth Circuit, without discussing Hughes, … Continue Reading
In this episode of The Proskauer Benefits Brief, Myron D. Rumeld, partner and co-chair of Proskauer’s ERISA Litigation group and senior associate Tulio D. Chirinos, review the current state of affairs with respect to the litigation challenging the fees charged and investments offered in defined contribution plans; and The Supreme Court’s recent decision in Hughes v. Northwestern … Continue Reading
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24th that declined to opine on most of the issues that were before the Court in Hughes v. Northwestern University, No. 19-1401 (U.S. Jan. 24, 2022). In a unanimous opinion authored by Justice Sotomayor, in which Justice … Continue Reading
A federal district court in New York recently granted Omnicom Group Inc.’s (“Omnicom’s”) motion to dismiss, for lack of Article III standing, claims challenging the offering of investment options in Omnicom’s 401(k) plan in which the plaintiff participants did not invest. The court denied Omnicom’s motion to dismiss, however, with respect to the remainder of … Continue Reading
The Fifth Circuit affirmed the dismissal, for lack of standing, of a fiduciary breach representative action against American Airlines and its 401(k) plan investment committee. Ortiz v. American Airlines, Inc., No. 20-10817, 2021 WL 3030550 (5th Cir. July 19, 2021). As discussed in an earlier post, two former American Airlines employees brought this suit in … Continue Reading
One of the multitude of recent cases challenging the recordkeeping fees of 401(k) plans recently made its way to the Tenth Circuit Court of Appeals. Ramos v. Banner Health, No. 20-1231, — F.3d —- (10th Cir. June 11, 2021). Following a bench trial that resulted in a determination that the fiduciaries of Banner Health’s 401(k) … Continue Reading
On April 1, 2021, the Ninth Circuit became the third circuit court to conclude that a forum-selection clause in an ERISA 401(k) plan is enforceable. The Ninth Circuit thus denied a petition for mandamus seeking to overturn a district court decision transferring an ERISA action from the Northern District of California to the District of … Continue Reading
Since the beginning of 2016, the ERISA plaintiffs’ bar has filed nearly two dozen complaints targeting university-sponsored 403(b) plans. The majority of these lawsuits assert that plan fiduciaries breached their duties and engaged in prohibited transactions by (1) “packing” a plan with too many investment options that underperformed and were more expensive relative to other … Continue Reading
As recent history has shown, ERISA claims seeking recovery of investment losses tend to proliferate during times of market volatility. The Coronavirus (COVID-19) pandemic presents a unique opportunity for plaintiffs to search for and bring fiduciary-breach claims based on the underperformance of company stock funds and other available investment options in 401(k) and 403(b) plans. … Continue Reading
In a case of first impression, the Ninth Circuit overturned 35 years of precedent and ruled that ERISA class action claims brought on behalf of an ERISA plan are subject to individual arbitration. The Court also enforced the arbitration agreement’s class action waiver and sent plaintiff’s putative ERISA class action to individual arbitration with relief … Continue Reading
Over the past several years, the ERISA plaintiffs’ bar has targeted university-sponsored 403(b) plans, arguing that the plan fiduciaries breached their fiduciary duties and engaged in prohibited transactions in connection with offering certain investment options and the administrative fees associated with such plans. Among other things, they have argued that the plan fiduciaries offered too … Continue Reading
In this episode of the Proskauer Benefits Brief, partner Myron D. Rumeld and associate Joseph Clark discuss participant-directed defined contribution (DC) plans and the lawsuits against the fiduciaries and service providers which are responsible for administering them. We will examine the best practices that can achieve favorable results for plan participants and the practices that can avert litigation or enable … Continue Reading
Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed settlement sum, the trustees may be prepared to put aside their desire to vindicate themselves for a challenged course of … Continue Reading
“As for those who might contemplate future service as plan fiduciaries, all I can say is: Good luck.” That was the sentiment expressed in a blistering dissent by Fourth Circuit Judge J. Harvie Wilkinson in the latest ruling in a lawsuit challenging the decision by the fiduicaries of the RJR 401(k) plan to liquidate two … Continue Reading
For over two decades, federal courts have embraced the so-called Moench presumption of prudence in ERISA stock-drop cases. Pursuant to that presumption, courts have routinely dismissed such claims absent allegations in a complaint that a company’s situation was dire, or that the company was on the brink of collapse. On June 25,2014, the U.S. Supreme … Continue Reading
Today, the U.S. Supreme Court issued its ruling in U.S. Airways, Inc. v. McCutchen in which the Court unanimously ruled that a clearly drafted reimbursement clause will trump all equitable defenses. The Supreme Court’s ruling will likely be viewed favorably by plan sponsors, as it will allow them to anticipate with more certainty the impact … Continue Reading
Sixth Circuit Rejects Arbitration for Proposed Fiduciary Breach Class Action
Ninth Circuit Revives Second Excessive Fee 401(k) Plan Litigation
Ninth Circuit Revives Fee Challenge to Salesforce.com 401(k) Plan
[Podcast]: Key ERISA Fee and Investment Litigation Developments and the Impact of Hughes v. Northwestern University
By Myron Rumeld and Tulio Chirinos on Posted in 403(b) Plans, Benefits Brief Podcast, ERISA Coverage
The Supreme Court Declines to Establish Pleading Standard for Defined Contribution Plan Excessive Fee Litigation
District Court Partially Dismisses ERISA 401(k) Fee and Performance Claims for Lack of Standing
By Myron Rumeld and Kyle Hansen on Posted in 401(k) Plans, Standing
Fifth Circuit Holds Participants Lack Standing To Challenge Plan Investment Options
By Myron Rumeld, Tulio Chirinos and Sydney Juliano on Posted in 401(k) Plans
Tenth Circuit Addresses Damages for Excessive Recordkeeping Fee Claims
By Myron Rumeld and Anastasia Gellmen on Posted in 401(k) Plans, 403(b) Plans
Ninth Circuit Enforces Forum Selection Clause in 401(k) Plan
By Russell Hirschhorn, Myron Rumeld, John E. Roberts, Joseph Clark, Tulio Chirinos and Kyle Hansen on Posted in 401(k) Plans, Arbitration
Seventh Circuit Upholds Dismissal of 403(b) Plan Lawsuit Against Northwestern University in Apparent Split with Third Circuit
By Myron Rumeld, Russell Hirschhorn, Tulio Chirinos and Benjamin Flaxenburg on Posted in 403(b) Plans
Minimizing the Risk of ERISA Litigation in a Turbulent Economic Climate
By Myron Rumeld, Russell Hirschhorn, Tulio Chirinos and Kyle Hansen on Posted in Coronavirus, Defined Contribution Plan Investment Litigation
Ninth Circuit Overturns Precedent and Sends ERISA Claims to Individual Arbitration
By Howard Shapiro, Myron Rumeld, Stacey Cerrone, John E. Roberts, Tulio Chirinos and Lindsey Chopin on Posted in Arbitration
Third Circuit Resuscitates Claims Against University 403(b) Plan Fiduciaries
By Myron Rumeld, Stacey Cerrone, Russell Hirschhorn and Kyle Hansen on Posted in 403(b) Plans
[Podcast]: Steps to Reduce Risk of Claims Associated With 401K Plans
By Joseph Clark and Myron Rumeld on Posted in 401(k) Plans
How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider
Divided Fourth Circuit Panel Rules On Burden of Proving Loss Causation in ERISA Fiduciary Breach Case
By Myron Rumeld and Russell Hirschhorn on Posted in Articles, Employer Stock Fund Litigation, Loss Causation
Fifth Third Bancorp v. Dudenhoeffer – An Analysis of the U.S. Supreme Court’s Decision
By Myron Rumeld and Russell Hirschhorn on Posted in Articles, Employer Stock Fund Litigation
U.S. Supreme Court Rules That Plan Terms Trump Equitable Defenses
By Myron Rumeld and Russell Hirschhorn on Posted in Remedies
