JPMorgan 401(k) Stable Value Fund Suit Axed on Standing Grounds

JPMorgan Chase Bank NA defeated a proposed class action over its 401(k) plan’s stable value fund by pointing to a contract in which the named plaintiff promised not to bring ERISA claims against the company.

The plaintiff, a former JPMorgan employee, signed a confidential agreement settling employment-related claims against the company and its affiliates, and this agreement included an “unambiguous covenant” in which he promised not to sue them under the Employee Retirement Income Security Act. This covenant is enforceable and means he lacks standing to press a proposed class action over JPMorgan’s retirement plan, Judge William J. Martini said ...