Cornerstone Research has consulted and prepared expert testimony in a variety of Employee Retirement Income Security Act (ERISA) matters, addressing the prudence of company stock as an investment option in a retirement plan, the reasonableness of fees of investment options in retirement plans, investment managers’ compliance with pension fund investment guidelines, Employee Stock Ownership Plan (ESOP) valuation issues, and “whipsaw” calculation issues in cash balance retirement plans. Although our involvement in many of these cases is ongoing, notable matters that have been recently resolved include stock drop cases involving Delphi Corporation and W. R. Grace & Co. and an excessive fee case involving Deere & Company.
In 2006 a new type of ERISA litigation emerged: suits filed on behalf of participants in company-sponsored retirement plans that allege excessive plan fees. In these cases, our work has included the analysis of damage theories and a review of the specific features of the plans at issue, placing both in the context of the 401(k) plan industry as a whole. We also have addressed ERISA claims involving allegedly improper option grants.
Cornerstone Research works with affiliated faculty and industry experts in a distinctive “partnership” that combines our extensive experience in securities and financial institution litigation with specialized academic and industry knowledge. Several of our senior staff also serve as testifying experts in ERISA matters. Our network of in-house, academic, and industry experts enables us to provide specific expertise across a broad array of relevant areas.