ERISA & Employee Benefits

Our nationally acclaimed class action attorneys represent employees, retirees, plan participants and beneficiaries seeking to recover losses due to plan mismanagement. Our team spearheads cutting-edge litigation brought under the federal Employee Retirement Income Security Act (ERISA). Employees work hard for their benefits, so we work hard to protect their retirement savings and health benefits. 

Litigating ERISA cases requires the ability to navigate the intricate federal laws and regulations governing employee benefit plans. Our team is experienced in tackling these complexities, whether it’s addressing mismanagement of plan assets, breaches of fiduciary duties, excessive fees, or disputes over plan provisions.

Plans Covered by ERISA 

Federal law requires that retirement plans and health plans be managed in the best interest of the employees and retirees who participate in these plans. Through cutting-edge class actions, we address the mismanagement of retirement plans and health plans governed by ERISA, including: 

• ESOPs: Short for Employee Stock Ownership Plans, ESOPs are a type of retirement plan that gives employees ownership in the company for which they work. Instead of saving money in a 401(k), workers in an ESOP own shares of the company that employs them. In theory, ESOPs are meant to give workers a real stake in their company’s success. But they only work if the shares are bought and valued fairly. If not, employees can end up with far less than they deserve for their years of hard work. 

• 401(k) plans : These retirement plans, offered by many employers, allow employees to put aside part of their paycheck—before taxes are taken out—into an investment account to save for retirement. A 401(k) is one of the most common way Americans save for retirement—and unlike an ESOP, you don’t need to own company stock. You choose how your money is invested, and it stays with you, even if you change jobs. But when 401(k) plans contain underperforming funds or expensive fees, employees’ retirement savings suffer.  

• Pension benefit plans: Traditional pension benefit plans, also known as “defined benefit plans,” typically provide a specific monthly pension payment for life, or a single “lump-sum” payment of all benefits at once, after retirement. Sometimes these benefits can be unlawfully forfeited or reduced.  

• Health plans: Plans that provide health insurance and prescription drug benefits are also protected by ERISA. These plans can be mismanaged or saddled with excessive fees, driving up healthcare costs.   

Federal law sets standards for plans to safeguard the interests of participants and their beneficiaries. ERISA class actions allow individuals to join together to assert their right to a secure retirement.

Our ERISA Litigation Record 

Our employee benefits lawyers have led some of the most significant ERISA-related litigation in recent times, including Supreme Court cases. Precedent-setting decisions include: 

• Beacon Madoff ERISA Litigation: We acted as ERISA counsel for a certified class which settled its claims for $219 million. This sum amounted to 70 percent of the class members’ out-of-pocket losses. The judge praised the settlement, describing the outcome as “extraordinary” and lauding the “hard work” done by plaintiffs’ counsel, including Cohen Milstein. 

• Becker v. Wells Fargo & Co.: We represented Wells Fargo employees in this class action lawsuit alleging that Wells Fargo improperly filled its 401(k) plan with affiliated funds. Our employee benefits attorneys secured a $32.5 million settlement for the class in one of the largest ever ERISA settlements involving the inclusion of affiliated funds in a 401(k) plan.  

• Protecting the Right to Sue in Court: Plan administrators sometimes try to avoid accountability by putting arbitration clauses in retirement plans or employment agreements. These clauses can hinder the pursuit of justice by purporting to prevent workers from suing on behalf of their plan in court or representing other people in the plan. We have achieved precedent-setting decisions before the Third, Seventh, and Tenth Circuits rejecting Defendants’ attempts to force ERISA class actions into individual arbitration. On October 10, 2023, the United States Supreme Court declined to review our 10th Circuit win in Harrison v. Envision Management Holding, Inc. Boards of Directors, et al. (D. Col.). In addition to these three appellate victories, to date, Cohen Milstein has won decisions striking down arbitration and class waivers in five district courts. 

Litigating ERISA cases requires a thorough understanding of complex legal issues and the ability to navigate the intricate federal laws and regulations governing employee benefit plans. These cases often require comprehensive investigations and strategic legal planning concerning how large corporations and fiduciaries are managing retirement or savings plans. Our team is experienced in tackling these complexities, whether it’s addressing mismanagement of plan assets, breaches of fiduciary duties, excessive fees, or disputes over plan provisions. We also have the experience and ability to represent employees who have purchased overvalued stock in ESOPs and 401(k) retirement plans, thanks to our work in the areas of securities fraud and investor litigation.  

We provide expert guidance and advocacy to our clients at every step of the litigation to ensure their rights are defended throughout the process. By combining legal expertise with a commitment to justice, we ensure our clients have the best chance of recovering their losses and securing their financial future. 

Our lawyers are regularly recognized for their work in this field. For example:

• We were named ERISA Practice Group of the Year by Law360 in 2022, 2021, and 2019.
• We were top-ranked by Chambers for ERISA litigation in 2025, 2024, 2023, and 2022.
• The head of our practice group, Michelle Yau, was named ERISA MVP by Law360 in 2024 and 2021 and to the Elite Women of the Plaintiffs Bar in 2025.