Home Depot's Motion Denied In Part in ERISA Action Filed by The San Diego Labor Lawyers at Blumenthal Nordrehaug Bhowmik De Blouw, LLP

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The class action lawsuit alleges that Home Depot violated the ERISA, by imprudently selecting and retaining investment options for their employee's 401(k) plans which were poorly-performing and charged high assett-based fees.

Law Offices of Blumenthal Nordrehaug Bhowmik De Blouw LLP

Contact an experienced California employment lawyer today by calling (800) 568-8020.

On September 20, 2019, United States District Court Judge William M. Ray, II, denied in part and granted in part Home Depot's motion to dismiss in a class action lawsuit alleging that Home Depot failed to monitor the performance of Financial Engines Advisors ("FEA") and Alight Financial Advisors ("AFA") who it allegedly delegated fiduciary responsibilities. According to the Complaint, FEA and AFA are investment advisory firms which Home Depot contracted to provide services. The class action lawsuit is currently pending in the United States District Court For the Northern District of Georgia Atlanta Division, Case No., 1:18-CV-01566-WMR. A copy of the Judge's decision can be read by clicking here.

The San Diego employment law attorneys at Blumenthal Nordrehaug Bhowmik De Blouw, LLP, submitted a brief in opposition to Home Depot's motion to Dismiss, arguing that Home Depot allegedly failed to monitor the performance of FEA and AFA to whom it delegated fiduciary responsibilities.

The Honorable Judge William M. Ray, II, agreed with the Plaintiff's attorneys on the fiduciary issues, stating that, "Taking into consideration all of the circumstantial factual allegations surrounding Home Depot's retention of FEA and AFA as the investment advisors, the Court finds that Plaintiff's have alleged sufficient facts to support an inference of an imprudent decision-making process. For these reasons, Home Depot's motion to dismiss is DENIED as to count II of the Amended Complaint."

The case will now continue to proceed in the United States District Court For the Northern District of Georgia Atlanta Division.

Blumenthal, Nordrehaug Bhowmik De Blouw, LLP, is a California employment law firm with offices located in San Diego, San Francisco, Los Angeles, Riverside, and Sacramento. The firm dedicates its practice to contingency fee employment law work for issues involving overtime pay, wrongful termination, discrimination and other California labor laws. Contact an experienced California employment lawyer today by calling (800) 568-8020.

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Nicholas De Blouw
@calaborattorney
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