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. His major victories for clients include:
- Successfully secured denial of a motion to certify a class in a case in which two named plaintiffs alleged that Stadion Money Management, LLC (Stadion) violated certain provisions of ERISA based on its provision of managed account services to certain ERISA retirement plans whose plan sponsors or responsible plan fiduciaries selected Stadion’s service for their individual plans. The case was then voluntarily dismissed. Davis v. Stadion Money Management, LLC, No. 8:19-cv-556, in the District of Nebraska.
- Successfully leading the trial team in Wildman v. American Century, 362 F. Supp. 3d 685 (W.D. Mo. 2019) where the Court, after a three week trial, rendered a full defense verdict on all claims that plan fiduciaries violated ERISA by utilizing primarily actively-managed, proprietary mutual funds in the first such case in over a decade to go to full verdict.
- Successfully obtained dismissal, affirmed on appeal, for the sponsor of one of the nation’s largest retirement plans in an ERISA action challenging the propriety of continued use of company stock despite purportedly under-reserving for the liabilities of insurance subsidiaries by approximately $15 billion. Varga v. General Electric Company, 2020 WL 1064809 (N.D.N.Y. 2020), aff’d, 834 Fed. Appx. 686 (2d Cir. 2021).
- Successfully obtained dismissal in a novel ERISA class action challenging the procedures used by a leading provider of long-term disability insurance when offsetting social security disability payments. Perry v. Metropolitan Life Insurance Co., No. 4:19-cv-00106 (M.D. Ga. 2020).
- Successfully obtained a rare summary judgment ruling in favor of an investment adviser in Redus-Tarchis v. New York Life Investment Management LLC, 2018 WL 5307546 (D.N.J. 2018), in a derivative suit brought under Section 36(b) of the Investment Company Act of 1940 challenging the reasonableness of the fees charged by the investment adviser to four sub-advised mutual funds, with assets totaling over $40 billion.
- Successfully obtained dismissal, and affirmance on appeal, of one of the first nationwide class action suits to combine claims under ERISA and the Investment Company Act of 1940 for alleged excessive fees involved with proprietary funds utilized on a 401(k) platform. Santomenno v. John Hancock, 768 F.3d 284 (3d Cir. 2014).
- Successfully obtained dismissal of a putative nationwide class action against one of the nation’s largest retirement recordkeepers in novel ERISA claims concerning the way in which revenue sharing was treated. Malone v. Teachers Insurance and Annuity Association of America, 2017 WL 913699 (S.D.N.Y. 2017).
- Successfully defended a leading multinational bank in ERISA arbitration involving the investment of over $1 billion in a stable value account for the benefit of retirement plan participants. Mr. Fleckner led the defense at arbitration that secured a ruling in the client’s favor on all claims.
Mr. Fleckner is a member of the Boston and Massachusetts Bar Associations. He serves on the board of the Defined Contribution Institutional Investment Association. In addition to his professional associations, Mr. Fleckner has been involved in numerous community and philanthropic organizations, including as a member of the North American Board of the Union of Reform Judaism, numerous commissions of the Combined Jewish Philanthropies, the Public Policy Committee of the Jewish Community Relations Council and an elected member at the Needham (MA) Town Meeting.
Mr. Fleckner’s pro bono experience includes representing the fiduciary of a retirement plan for teachers in an inner-city charter school to recover misappropriated assets; representing prisoners in a civil rights action; and representing a religious institution in a constitutional challenge to restrictive zoning practices.