Bailey & Glasser Files 401K Retirement Plan Class Action Law Suit Against AEGON

WASHINGTON, Feb. 7, 2015 /PRNewswire/ -- On February 6, 2015, Bailey & Glasser LLP filed a class action lawsuit against AEGON USA, the U.S. subsidiary of Dutch insurance giant AEGON NV. The class action complaint says that AEGON forced its employees' retirement savings accounts into high-priced AEGON investments and retirement programs. AEGON routinely charged its employees unnecessary and exorbitant fees in their 401(k) plan. AEGON's employees pay much higher average costs than employees of other billion-dollar retirement plans. Thus the class action complaint concludes that AEGON and its officers violated federal pension law by putting their profit motive ahead of the interests of their employees' retirement savings. The plaintiffs estimate that AEGON has taken millions of dollars in excessive fees from its employees' retirement savings.

The lawsuit was filed in federal court in Los Angeles, California, where many AEGON subsidiaries operate. Gregory Y. Porter, a partner at Bailey & Glasser's Washington, D.C. office, leads the plaintiffs in the lawsuit.

Founded by Ben Bailey and Brian Glasser in 1999 in Charleston, West Virginia, Bailey & Glasser LLP has grown to include nearly 50 lawyers, with offices in seven states and the District of Columbia. The firm's complex litigation practice focuses on high-stakes commercial litigation; class actions for consumers, insureds, investors, and retirement plan participants; catastrophic injury and defective product cases; antitrust; and whistleblower lawsuits.  The firm has extensive experience in energy law, and litigates energy cases in trial courts, bankruptcy courts, regulatory agencies, and appellate courts. It has a major corporate practice, and handles business matters ranging from assisting Chinese investors in acquiring US assets, to IPOs, to the negotiation and execution of billions of dollars in commercial transactions.

Contact:
Greg Porter    
(202) 463-2101
[email protected]    

SOURCE Bailey & Glasser LLP

Related Links

http://www.baileyandglasser.com

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