Profit-Sharing Plan Participants Lawsuit

Profit-Sharing Plan Participants Lawsuit

Several employees of SS&C Technologies and former employees of DST Systems are filing claims against the firms, claiming violations of the Employee Retirement Plan Security Act (ERISA) in relation to an investment in the firm’s 401(k) profit-sharing plan, White, Graham, Buckley & Carr are representing the employees, which was featured in a Kansas City Business Journal article, DST faces class action over profit-sharing plan.

Learn more about our class action work to address the damages caused by the DST Profit-Sharing Case here.

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Our attorneys are currently working with former employees of DST Systems to recover damages stemming from the profit-sharing case, including claims of:

  • Breach of fiduciary duties
  • Failure to divest or diversify investments
  • Failure to confirm the Plan’s underlying investments were consistent with stated description
  • Failure to prudently select and monitor the investment manager
  • Failure to select and retain an investment manager with no selfish interest
  • Failure to disclose complete and accurate material information
  • Failure to determine reasonableness of compensation to investment manager
  • Failure to investigate decisions affecting the plan
  • Failure to represent, disclose or participate in actions on behalf of plan and participants
  • Failure to advise participants
  • Failure to take steps to timely recover losses
  • Failure to adjust values of plan distributions for roll-over purposes
  • Failure to take all actions prudent to protect interest of those who suffered losses

 

DST Profit Sharing Resource Center

 

CASE BACKGROUND

Case Background

  • Canfield et al v. SS&C Technologies Holdings, Inc. et al: The plaintiffs filed the suit in federal court in Kansas City on behalf of all employees at the company who participate in its 401(k) profit-sharing plan.

Plaintiffs accused DST of breaching its fiduciary duty by not ensuring that the assets were adequately diversified to minimize risk of large losses and by not adequately disclosing the level of risk it took in investing the funds.

DST invested about 30 percent of the profit-sharing portion of the retirement plan’s assets in Valeant Pharmaceuticals International Inc. stock. Valeant has faced many allegations of price gouging and accounting irregularities related to how it reported earnings. Its stock peaked about $196 a share in 2015 but plummeted to a low of $8.31 a share earlier this year. The DST profit-sharing plan’s investment in Valeant fell from a high of about $415 million to about $22 million, causing a loss of $395 million for plan participants.

  • View the docket here.

MEDIA RESOURCES

Media Resources