Kai Richter, of counsel in Cohen Milstein’s Employee Benefits/ERISA practice, has extensive trial and appellate experience in ERISA class action litigation in federal courts across the country.
Prior to joining Cohen Milstein, Kai was a partner and practice leader at a highly regarded national plaintiffs’ law firm, where he represented clients in all manner of class actions, including over two dozen ERISA class actions as court-appointed class counsel.
Kai’s experience also includes public service as the Manager of the Complex Litigation Division of the Minnesota Attorney General’s Office, and as a litigator in the Office of General Counsel for the Federal Election Commission.
A sought-after public speaker, Kai has spoken frequently on ERISA before the American Law Institute, American Bar Association, Professional Liability Underwriting Society, Retirement Advisor Council, Practising Law Institute, and American Conference Institute.
In addition, Kai has held teaching roles as the co-director of the Robert F. Wagner Labor Law Moot Court Program for the University of Minnesota Law School, and as an adjunct legal writing instructor at Hamline University. He also formerly served as the co-chair of the Minnesota State Bar Association Consumer Litigation Section.
- Minnesota
- University of Minnesota Law School, J.D., cum laude, 1999
- Dartmouth College, B.A., cum laude, 1995
Current Cases
AT&T Pension Benefit Plan Litigation
AT&T Pension Benefit Plan Litigation (N.D. Cal.): Cohen Milstein represents participants and beneficiaries in the AT&T Pension Benefit Plan who allege that AT&T failed comply with ERISA’s actuarial equivalence requirements when providing married participants joint and survivor annuities.
Envision Management Holding, Inc. ESOP Litigation
Envision Management Holding, Inc. ESOP Litigation (D. Col.): Cohen Milstein represents Envision Management Holding ESOP participants in a lawsuit in connection with the sale of Envision Management Holding, Inc. to the ESOP at an inflated price, which caused a multi-million-dollar loss to the ESOP.
GWA, LLC 401(k) Profit Sharing Plan Litigation
GWA, LLC 401(k) Profit Sharing Plan Litigation (D. Conn.): On July 24, 2023, Cohen Milstein filed Andrew-Berry, et al. v. Weiss, Case No. Case 3:23-cv-00978 in the United States District Court of the District of Connecticut. This putative ERISA class action has been filed against GWA LLC, a hedge fund manager, and George A. Weiss, on behalf of Plaintiffs, who are participants in the GWA, LLC 401(k) Profit Sharing Plan (the “Plan”), and who allege that GWA, LLC and George A. Weiss breached their fiduciary duties and misused employee retirement plan assets to further their own pecuniary interest, in violation of Employee Retirement Income Security Act of 1974 (ERISA).
Luxottica Group Pension Plan Litigation
Luxottica Group Pension Plan Litigation (E.D.N.Y.): Cohen Milstein represents Luxottica pension plan participants in a lawsuit, alleging that the plan used outdated mortality tables to determine the value of participants’ joint and survivor annuities, resulting in married retirees receiving less than the actuarial equivalent of the benefit that ERISA protects.
MassMutual Thrift Plan Litigation
MassMutual Thrift Plan Litigation: On November 9, 2022, Cohen Milstein filed a class action against Massachusetts Mutual Life Insurance and the fiduciaries responsible for managing the MassMutual Thrift Plan, a defined contribution retirement plan. Plaintiff, who is a participant in the MassMutual Thrift Plan, brings this this action on behalf of all of the Plan’s participants and beneficiaries and alleges that MassMutual and other fiduciaries managing the MassMutual Thrift Plan failed to act prudently and solely in the interest of the Plan participants and beneficiaries and instead engaged in self-dealing in violation of the Employee Retirement Income Security Act of 1974.
Nationwide Savings Plan Litigation
Nationwide Savings Plan Litigation (S.D. Ohio): Cohen Milstein represents participants in the Nationwide Savings Plan in a lawsuit, alleging that Nationwide improperly set its own compensation, earned impermissible profits at the expense of its employees, and exposed its employees’ retirement savings to undue risk.
New York Life Insurance Company 401(k) Litigation
New York Life 401(k) Plan Litigation (S.D.N.Y.): Cohen Milstein represents employees in a lawsuit against New York Life which alleges corporate self-dealing and the prohibited transfer of employees’ retirement assets to defendants at the expense of the retirement savings of New York Life employees and agents.
WBBQ ESOP Litigation
Lloyd, et al. v. Argent Trust Company, et al. (S.D.N.Y): Cohen Milstein filed a lawsuit on behalf of alleging that the trustee of the WBBQ ESOP, Argent Trust Company and the company’s owner, and controlling managers and shareholders breached their fiduciary duties to the W BBQ Holdings, Inc. ESOP, causing the ESOP to engage in transactions that are prohibited under ERISA and in connection with the sale of the company to the ESOP for an inflated purchase price that far exceeded its fair market value.
Western Milling ESOP Litigation
Western Milling ESOP Litigation (E.D. Cal.): Cohen Milstein represents participants and beneficiaries of the Western Milling Employee Stock Ownership Plan, who allege that the ESOP’s trustees breached their fiduciary duties by engaging in risky investments in violation of ERISA, including purchasing 100% of Kruse-Western, Inc. company stock, which was valued at approximately 90% of the purchase price for several years after the ESOP Transaction.
Investigations
Johnson & Johnson Prescription Drug Benefit Class Action
Did you work for J&J or one of its subsidiaries, and purchase prescription drugs through its health plans? As reported by Reuters, a class action lawsuit has been filed against Johnson & Johnson for allegedly mismanaging its prescription drug program in its health plans and allowing plan participants to be overchanged for prescription drugs. If […]
- Best Lawyers in America Consumer Law, Litigation – ERISA (2024)
- Best Lawyers in America ERISA Litigation (2023)
- Chamber USA Band 1 ERISA Litigation: Mainly Plaintiffs USA Nationwide (2023)
May 9, 2024
Kai Richter Joins ABA Panel on the Next Frontiers of Plan Fee Litigation
Kai Richter joins an esteemed panel at the ABA ERISA: Beyond the Basics conference, May 7 – 9, 2024. This virtual panel, “The Next Frontiers of Plan Fee Litigation,” will convene at 3 p.m. EST on May 9, 2024. As standards tighten for defined contribution plan fee and investment litigation, what is next on the […]
Events | ABA | ERISA: Beyond the Basics
March 29, 2024
Sweeping Class Certified In Nationwide Pension Plan Suit
More than 50,000 participants in a Nationwide pension plan can proceed as a class with claims that the company unlawfully transferred assets from the plan to a company subsidiary, as an Ohio federal judge ruled that questions about Nationwide’s conduct outweigh differences among participants. In an order issued Thursday, U.S. District Judge Sarah D. Morrison […]
In the News | Law360
March 19, 2024
Cohen Milstein Joins Prosecution of Novel ERISA Class Action Against Johnson & Johnson
Cohen Milstein recently joined plaintiff’s legal team in Lewandowski v. Johnson and Johnson, a novel class action filed in federal court in New Jersey, accusing J&J of mismanaging the prescription drug program in its health plan, costing employees millions.
Press Releases
February 26, 2024
New York Life To Pay $19M To Settle Retirement Plan Suit
Current and former New York Life Insurance workers asked a federal court Monday to approve a $19 million deal in a proposed class action alleging the insurance giant unlawfully kept underperforming proprietary investment options in two employee retirement plans. Plan participants leading the Employee Retirement Income Security Act suit said in a motion for preliminary […]
In the News | Law360
January 23, 2024
New York Life Strikes Deal To End Workers’ 401(k) Suit
New York Life Insurance Co. and thousands of current and former insurance company workers told a New York federal court Monday that they had struck a deal to settle a case alleging mismanagement of the employees’ 401(k) retirement plan. Parties to the Employee Retirement Income Security Act suit said in a joint letter to the […]
In the News | Law360
October 10, 2023
High Court Turns Away Push To Send ESOP Suit To Arbitration
The U.S. Supreme Court declined on Tuesday to review a Tenth Circuit decision that an arbitration provision in a radiology company’s employee stock ownership plan documents was unenforceable, despite the company’s argument that workers’ claims they were overcharged for company stock didn’t belong in court. In an order list, the justices rejected the July petition […]
In the News | Law360
August 29, 2023
ESOP Participants Urge Justices to Reject Arbitration Plea
Participants in a radiology company’s employee stock ownership plan urged the U.S. Supreme Court to reject a management-side petition for certiorari seeking to force arbitration of their benefits lawsuit, arguing the Tenth Circuit rightly found a provision in ESOP plan documents unenforceable because it purported to eliminate statutory remedies. The proposed class of participants in […]
In the News | Law360
August 4, 2023
No Pause in ERISA Class Suit for Supreme Court Appeal – Law360
A proposed class action alleging a radiology company and its founders overcharged an employee stock ownership plan can move forward, a Colorado federal judge has ruled, saying the defendants aren’t entitled to a stay while they appeal to the U.S. Supreme Court over an order that found federal benefits law trumped the company’s arbitration agreement. […]
In the News
June 27, 2023
New York Life Workers Seek Class Nod In 401(k) Suit
A group of current and former New York Life Insurance Co. workers asked for class status in their New York federal court lawsuit alleging the insurance giant retained underperforming proprietary investment funds in two retirement plans, arguing that their claims can be litigated in one fell swoop. The employees said Monday that their Employee Retirement […]
In the News | Law360
June 14, 2023
5 Important Benefits Rulings From The 1st Half Of 2023
Here are five rulings from the first six months of 2023 that benefits lawyers should have on their radar. . . . ESOP Managers Lose 10th Circ. Arbitration Bid The Tenth Circuit issued a published opinion Feb. 9 rejecting a radiology company’s bid to compel individual arbitration of an ERISA class action from workers who […]
In the News | Law360
March 23, 2023
Kai Richter to Speak at PLI’s ERISA Fiduciary Investment Basics Program
Kai Richter will speak on the panel “401(k) Plan Fiduciary Fundamentals,” part of the Practising Law Institute (PLI) program ERISA Fiduciary Investment Basics 2023, on March 23. The panel will discuss key definitions and fiduciary concepts that apply to defined contribution plans for where participants direct investment of their accounts. The one-day course employs presentations […]
Events
February 9, 2023
10th Circ. Won’t Force Arbitration in Radiology Co. ESOP Row
The Tenth Circuit on Thursday rejected a radiology company’s bid to force into individual arbitration a federal benefits lawsuit from workers who alleged mismanagement of their employee stock ownership plan. The panel upheld an arbitration provision in ESOP plan documents as unenforceable because it blocked remedies under federal benefits law. A three-judge panel in a […]
In the News | Law360
February 2, 2023
Cohen Milstein Announces Expansion into Boston and Minneapolis
FOR IMMEDIATE RELEASE: Media Contact: cohenmilstein@berlinrosen.com WASHINGTON, DC – Cohen Milstein Sellers & Toll PLLC, one of the nation’s leading plaintiffs’ law firms, has announced its expansion into Massachusetts and Minnesota with the opening of offices in Boston and Minneapolis. This expansion allows the firm to further serve client needs across practices and act as […]
Press Releases | Cohen Milstein
January 26, 2023
2022 Benefits Group of the Year: Cohen Milstein
Cohen Milstein Sellers & Toll PLLC finalized several multimillion-dollar settlements in federal benefits lawsuits last year and defeated an Illinois casino’s bid to escape a suit from workers alleging mismanagement of their employee stock ownership plan, earning the firm a repeat selection as one of Law360’s 2022 Benefits Groups of the Year. A federal judge’s […]
In the News | Law360
January 17, 2023
Envision’s Bid for ERISA Arbitration Appears Shaky in 10th Cir.
Arbitration clause limits remedies provided by statute Company urges court to focus on ‘effective’ vindication Envision Management Holding Inc.’s effort to force arbitration in a dispute over its employee stock ownership plan appeared to be in jeopardy on Tuesday, when a panel of Tenth Circuit judges had tough questions for the company’s lawyer. Judge Mary […]
In the News | Bloomberg Law
January 17, 2023
10th Circ. Skeptical of Forcing Arbitration in ESOP Row
The Tenth Circuit appeared skeptical Tuesday of a radiology company’s argument that ex-workers alleging the company mismanaged their employee stock ownership plan should be booted to individual arbitration, citing language in the Employee Retirement Income Security Act allowing workers to seek plan-wide relief. A three-judge panel during oral arguments quickly focused on whether workers’ rights […]
In the News | Law360
December 7, 2022
“Argent Can’t Arbitrate Suit Over $99M ESOP Buy,”
A New York federal judge refused to send to arbitration a suit claiming Argent Trust let a barbecue chain’s employee stock ownership plan overpay for company shares, ruling Tuesday that the plan’s arbitration agreement is unenforceable because it denies rights afforded under federal benefits law. U.S. District Judge Denise L. Cote said Jamaal Lloyd and […]
In the News | Law360
November 10, 2022
“MassMutual Sued Over In-House Funds, Services in Worker 401(k)”
COURT: D. Mass. TRACK DOCKET: No. 3:22-cv-30147 JUDGE: Mark. G. Mastroianni COMPANY INFO: Massachusetts Mutual Life Insurance Co. Massachusetts Mutual Life Insurance Co. cost its employees tens of millions of dollars in retirement savings by using its own proprietary funds and recordkeeping services in their $4.1 billion retirement plan, according to a former employee’s federal […]
In the News | Bloomberg Law
October 13, 2022
Kai Richter Joins ALI’s Employee Benefit Plans of Tax-Exempt and Governmental Employers 2022 Webcast
Kai Richter has been invited to speak as part of the American Law Institute’s “Employee Benefit Plans of Tax-Exempt and Governmental Employers 2022” CLE webcast on October 13 at 2:45 p.m. EST. Mr. Richter’s discussion, titled “Current State of Plan Litigation and Its Implications,” will address: Fee, expenses, and investment fund alternative-related litigation Cybersecurity litigation Litigation risks […]
Events
August 15, 2022
Workers Seek OK For ERISA Class Over $244M Stock Buy
Workers for an animal feed manufacturer asked a California federal judge for class status in their suit alleging they were charged an inflated $244 million for their employer’s stock just before its value plummeted because of a feed contamination scandal. Three workers filed their request for class certification Thursday in the suit lodged against Kevin […]
In the News | Law360
June 7, 2022
“AT&T Workers Seek to Certify 300,000 ERISA Class Members”
A group of AT&T Inc. employees and retirees asked a California federal judge to certify two classes containing nearly 300,000 people total in a suit alleging the company miscalculates married couples’ pension plans. The workers said in a motion filed Monday that their case accusing AT&T of violating the Employee Retirement Income Security Act by […]
In the News | Law360