VOYA ERISA LITIGATION

Goetz v. Voya Financial, Inc., et al., Case No. 1:17-cv-01289-CFC (D. Del.)

On September 8, 2017, Chimicles Schwartz Kriner & Donaldson-Smith LLP (“CSK&D”) and its co-counsel initiated a class action lawsuit, on behalf of a proposed class of all other similarly situated individual account retirement plans, against Voya Financial, Inc. and Voya Retirement Insurance and Annuity Company (together, “Voya”) for breach of their fiduciary duties under the Employee Retirement Income Security Act (“ERISA”) in connection with the over $1 billion per year in excessive fees Voya receives from plaintiff and similarly situated plans. Specifically, the Action alleges that Voya breached their fiduciary duties under ERISA in their provision of recordkeeping services to individual account retirement plans by charging excessive fees and making false and misleading statements about its fees in its required disclosures. A copy of the operative Complaint can be accessed below.

The Court Upholds Plaintiff’s Fiduciary Disclosure Claim

On February 8, 2018, Voya moved to dismiss Plaintiff’s claims. On February 4, 2020, the Court denied Voya’s motion to dismiss in part and permitted Plaintiff’s claim to proceed based on Voya’s alleged breach of fiduciary duty of disclosure in connection with its fees. A copy of the Court’s Memorandum Opinion can be accessed below. The parties are in the beginning stages of discovery.