Matthew Wehner, individually and as a representative of a class of similarly situated persons, on behalf of the U.S. Roche 401(K) Savings Plan v. Genentech Inc., the U.S. Roche DC Fiduciary Committe
Published: Aug. 16, 2024 | Result Date: Jan. 12, 2024 | Filing Date: Oct. 2, 2020 |Case number: 3:20-cv-06894-RS Settlement – $250,000
Judge
Court
USDC Northern District of California
Attorneys
Plaintiff
James E. Miller
(Miller Shah LLP)
Laurie Rubinow
(Miller Shah LLP)
James C. Shah
(Miller Shah LLP)
Alec J. Berin
(Miller Shah LLP)
Ronald S. Kravitz
(Miller Shah LLP)
Monique Olivier
(Olivier & Schreiber LLP)
Defendant
J. Christian Nemeth
(McDermott, Will & Emery LLP)
Margaret H. Warner
(McDermott, Will & Emery LLP)
Alex M. Spisak
(McDermott, Will & Emery LLP)
William G. Gaede III
(McDermott, Will & Emery LLP)
Facts
On October 2, 2020, Matthew Wehner sued Genentech Inc. And the U.S. Roche DC Fiduciary Committee in USDC Northern for Employee Retirement Income Security Act (ERISA) violations and breach of fiduciary duty involving the administration of the U.S. Roche 401(k) Savings Plan.
Contentions
PLAINTIFF'S CONTENTIONS: Plaintiff claimed that defendants failed to properly and appropriately monitor the Plan's investments, retaining imprudent investments thus causing the plan to pay excessive recordkeeping and administrative fees.
DEFENDANTS' CONTENTIONS: Defendants denied the allegations, asserting they were not engaged in any misconduct or wrongdoing.
Result
On June 14, 2021, the trial court granted defendants' motion to dismiss one of plaintiff's claim--the failure to monitor and retain prudent investments. Consequently, with only the excessive recordkeeping and administrative fees' claim intact, the parties settled with defendants agreeing to pay a gross settlement amount of $250,000 to the class members.
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