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Using Mandatory Arbitration to Avoid ERISA Class Actions, Part 3: Practical Considerations (PDF)
Cohen & Buckmann P.C., via Bloomberg Law June 28, 2021 "[1] Provide that an arbitrator will decide whether the disputes are arbitrable. [2] Require all employees to sign an arbitration agreement that specifically refers to ERISA fiduciary breach claims and contains a clear class action waiver ... [3] Adopt a plan provision requiring mandatory individual arbitration of all claims and disputes ... [4] Notify participants and former employees with vested benefits immediately when the plan provision is adopted ... [5] Reference the arbitration clause in any communications regarding a dispute ... [6] Mention some consideration provided by employees/participants in these documents. [7] Specify a specific venue for the arbitration to control potentially inconsistent decisions." |
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