SAN FRANCISCO – A plan participant has filed a class-action lawsuit over allegations its administrators violated their fiduciary duties.

Christopher W. Severson filed a complaint individually as a participant of the SchwabPlan Retirement Savings and Investment Plan and on behalf of a class of similarly situated persons on Jan. 19 in the U.S. District Court for the Northern District of California against The Charles Schwab Corp., Charles Schwab & Co. Inc., Schwab Retirement Plan Services Inc., Charles Schwab Bank, Charles Schwab Investment Management Inc., John Does 1-50 and XYZ corporations 1-5 alleging breach of fiduciary duty and other counts.

According to the complaint, the plaintiff alleges that he and other plan participants have suffered losses for the alleged wrongful acts practiced by the defendant. The plaintiff claims the defendants disloyally exercised their discretionary fiduciary authority over the plan. The plaintiff holds The Charles Schwab Corp., Charles Schwab & Co. Inc., Schwab Retirement Plan Services Inc., Charles Schwab Bank, Charles Schwab Investment Management Inc., John Does 1-50 and XYZ corporations 1-5 responsible because the defendants allegedly reaped significant fees and profits at the expense of the plan and its participants, and violated their ERISA fiduciary duties of prudence and loyalty.

The plaintiff requests a trial by jury and seeks judgment against defendants, declaratory relief, enjoin defendants from further breaches, disgorgement of profits, full accounting, attorneys' fees, costs, interest, and other remedial or equitable relief. He is represented by Todd M. Schneider, James A. Bloom and Kyle G. Bates of Schneider, Wallace, Cottrell, Konecky, Wotkyns LLP in Emeryville and Garrett W. Wotkyns and John J. Nestico of Schneider, Wallace, Cottrell, Konecky, Wotkyns LLP in Scottsdale, Arizona.

U.S. District Court for the Northern District of California Case number 3:17-cv-00285

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U.S. District Court for the Northern District of California
450 Golden Gate Avenue
San Francisco, CA 94102

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