T. Rowe Price 401(k) Litigation
Feinberg v. T. Rowe Price Group Inc. et al. (D. Md.): Cohen Milstein represented participants in the T. Rowe Price 401(k) plan, who alleged that plan fiduciaries violated ERISA, causing plan participants to pay millions of dollars in illicit fees. Plaintiffs alleged that T. Rowe Price only offered it’s own in-house investment funds in the 401(k), failed to offer the lowest cost versions of those funds, and failed to consider funds from other companies that offered lower fees or better performance. On July 6, 2022 the Court granted final approval of a $7 million settlement.
Wells Fargo 401(k) Litigation
Becker v. Wells Fargo & Co., et al. (D. Minn.): Cohen Milstein achieved a $32.5 million settlement prior to class certification and expert discovery. On August 31, 2022, the Court granted final approval of the settlement, resulting in a recovery of 40% of estimated damages for the plaintiffs. The lawsuit alleged that Wells Fargo and its affiliates violated numerous provisions of ERISA by breaching their fiduciary duties and engaging in self-dealing transactions prohibited under ERISA.
GWA, LLC 401(k) Profit Sharing Plan Litigation
Andrew-Berry, et al. v. Weiss (D. Conn.): Cohen Milstein represented participants in the GWA, LLC 401(k) Profit Sharing Plan who alleged that GWA, LLC and George A. Weiss breached their fiduciary duties and misused employee retirement plan assets to further their own pecuniary interest, in violation of ERISA. Specifically, plaintiffs alleged that 100% of the Plan’s investments (all of which are 401(k) assets) were invested in “The Weiss Funds,” which included the company’s flagship hedge fund named the “Weiss Multi-Strategy Partners Ltd.” and the company’s mutual fund named the “Weiss Alternative Multi-Strategy Fund,” which generally “replicates” the hedge fund’s strategy. On September 19, 2025, the court granted final approval of a $7.9 million settlement.
BlackRock 401(k) Retirement Plan Litigation
Baird v. BlackRock Institutional Trust Company, N.A. et al. (N.D. Cal.): Cohen Milstein successfully settled this certified class action, in which plaintiffs alleged that the BlackRock 401(k) plan administrators engaged in corporate self-dealing—restricting plan options to BlackRock’s own proprietary funds, and in many cases failing to provide the lowest cost versions of those funds. On November 3, 2021, the Court granted final approval of a $9.65 million settlement.