Numbers Don’t Lie: ERISA Compliance Matters
I recently saw this article summarizing a nationwide workplace class-action litigation report for 2014. The article notes that there were a total of 7,163 ERISA claims filed in 2014, but the more astounding number was the total settlement figure for ERISA class-action claims in 2014 – a massive $1.3 billion. As a basis for comparison, the class-action settlements for wage and hour and employee discrimination cases were a combined $443 million. Sure, the $1.3 billion figure is bolstered by a few large settlements, but these numbers should still serve as a reminder that ERISA compliance really does matter. Stay diligent, and make sure you understand and execute your fiduciary duties so you can avoid contributing to these statistics.