Mr. Fleckner represents companies and individual officers in class and derivative actions, regulatory investigations and bankruptcy proceedings regarding the discharge of Investment Company Act, ERISA and other fiduciary duties. Currently, he is representing numerous clients in so-called “excessive fee” ERISA and Investment Company Act litigation, and other litigation challenging the discharge of fiduciary obligations. His recent experience includes representation of:
- The investment adviser to three sub-advised mutual funds, with assets totaling over $40 billion, in a derivative suit brought under Section 36(b) of the Investment Company Act challenging the reasonableness of the fees charged. This litigation is ongoing.
- A company and the named fiduciaries of a $10 billion profit sharing plan in class action litigation asserting breaches of ERISA fiduciary duties and prohibited transactions as to the investments selected for the plan and the fees allegedly paid by the plan. This case has successfully settled.
- An investor in a $4.7 billion buy-out of a large energy company in multi-jurisdictional shareholder derivative and class action securities claims challenging the transaction. This litigation is on-going.
- A financial services company and the named fiduciaries of a $2 billion thrift plan in putative class action litigation asserting a number of alleged ERISA violations for the investments selected for the plan. This litigation is ongoing.
- A multinational diversified financial services corporation in litigation brought by a putative class of plan participants whose employers selected the client’s products and services for their plans, challenging as excessive the fees associated with such products under both the Investment Company Act and ERISA. This litigation is has been successfully dismissed.
- A multinational bank in ERISA arbitration involving the investment of over $1 billion in a stable value account for the benefit of retirement plan participants. Goodwin secured a ruling in the client’s favor on all claims.
- One of the nation’s largest insurance companies in a putative ERISA class action alleging breach of fiduciary duty and self-dealing in the manner in which group life insurance benefits are settled. This litigation is ongoing.
- A multinational bank that served as the directed trustee for an $8 billion retirement plan in putative ERISA class action litigation challenging the plan’s holding of Kodak stock. This litigation is ongoing.
- The trust company of a large mutual fund complex in a regulatory investigation involving the continued holding of tens of millions of dollars in the stock of a company that ultimately went bankrupt. After an extensive investigation, the government declined to bring any action against the client.