MICHAEL D. JOHNSON, MATTHEW COLLARO, JOHN M. BERG, MALLIKARJUN B. KANDULA, and TYLER L. SEAMONS, individually and as representatives of a class of participants and beneficiaries on behalf of Parker Retirement Savings Plan v. PARKER-HANNIFIN CORPORATION, BOARD OF DIRECTORS FOR PARKER-HANNIFIN CORPORATION, HUMAN RESOURCES AND THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS FOR PARKER-HANNIFIN CORPORATION, and PARKER TOTAL REWARDS ADMINISTRATION COMMITTEE - Articles

All Content

MICHAEL D. JOHNSON, MATTHEW COLLARO, JOHN M. BERG, MALLIKARJUN B. KANDULA, and TYLER L. SEAMONS, individually and as representatives of a class of participants and beneficiaries on behalf of Parker Retirement Savings Plan v. PARKER-HANNIFIN CORPORATION, BOARD OF DIRECTORS FOR PARKER-HANNIFIN CORPORATION, HUMAN RESOURCES AND THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS FOR PARKER-HANNIFIN CORPORATION, and PARKER TOTAL REWARDS ADMINISTRATION COMMITTEE

Posted by: Azya Thornton on Nov 20, 2024

Court: 6th Circuit Court (Published Opinions)

Attorneys 1: ARGUED: Sean E. Soyars, SCHLICHTER, BOGARD LLP, St. Louis, Missouri, for Appellants.

Attorneys 2: ARGUED: Michael E. Kenneally, MORGAN, LEWIS & BOCKIUS LLP, Washington, D.C., for Appellees.

Attorneys 3: ON BRIEF: Sean E. Soyars, SCHLICHTER, BOGARD LLP, St. Louis, Missouri, for Appellants.

Attorneys 4: ON BRIEF: Michael E. Kenneally, MORGAN, LEWIS & BOCKIUS LLP, Washington, D.C., Christopher J. Boran, Kevin F. Gaffney, MORGAN, LEWIS & BOCKIUS LLP, Chicago, Illinois, Keri L. Engelman, Joshua Adler, MORGAN, LEWIS & BOCKIUS LLP, Boston, Massachusetts, for Appellees.

Judge(s): MOORE, MURPHY, and BLOOMEKATZ, Circuit Judges

Court Appealed: United States District Court for the Northern District of Ohio at Cleveland

KAREN NELSON MOORE, Circuit Judge. Five of the approximately 32,000 current and former Parker-Hannifin Corporation employees who participate in the Parker Retirement Savings Plan brought this action against the Parker-Hannifin Corporation and related boards, committees, and board members, alleging that Parker-Hannifin violated the Employee Retirement Income Security Act of 1974 (“ERISA”). Specifically, the plaintiffs allege that Parker-Hannifin breached its fiduciary duties by imprudently retaining the Northern Trust Focus Funds, imprudently providing participants with higher-cost shares, and failing to monitor its agents in their fiduciary duties. The district court dismissed plaintiffs’ claims. For the following reasons, we REVERSE the district court’s judgment and REMAND for further proceedings consistent with this opinion.

Attachments: