This case was last updated from U.S. District Courts on 01/20/2023 at 09:32:00 (UTC).

Chad Rocke et al v. Allianz Asset Management of America, L.P. et al

Case Summary

On January 12, 2023, Chad Rocke and Christopher Collins (collectively, “Plaintiffs”), individually and on behalf of all others similarly situated, represented by Caroline E. Bressman and Paul J. Lukas of Nichols Kaster PLLP and Richard L. Kellner of Keller Law Group PC, filed a class action lawsuit against Allianz Asset Management of America, L.P. (“Allianz”), the Administrative Plan Committee of the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement Plan (“Administrative Committee”), the Retirement Plan Committee of the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement Plan (“Retirement Committee”) (collectively, the “Committees”), and John Does 1–30 (collectively, “Defendants”), seeking injunctive relief and damages for alleged violation of the Employee Retirement Income Security Act of 1974 (“ERISA”). This case was filed in the U.S. District Court for the Central District of California, with Judges James V. Selna and Karen E. Scott presiding. 

In the complaint, the plaintiffs alleged, “For investment management companies like Allianz, the potential for imprudent and disloyal conduct is especially high because the plan’s fiduciaries can benefit the company through their administration of the plan by, for example, using proprietary investments that a non-conflicted and objective fiduciary would not select or retain.”

Plaintiffs further alleged that “Defendants maintained an all-proprietary lineup that included expensive, underperforming investments for Defendants’ own benefit and at the expense of Plan participants. For years, Defendants employed a 50/50 strategy such that for every Allianz Global Investors (‘Allianz GI’) investment in the Plan, a PIMCO5 investment was added as well, and vice versa.”

Plaintiffs also alleged, “The parties resolved the Allianz I action in a class action settlement agreement. Yet, even after the settlement, Defendants have continued to treat the Plan as an opportunity to promote AllianzGI and PIMCO investment products and maximize profits at the expense of the Plan and its participants.”

The plaintiffs then alleged, “Little else has changed since the settlement. Despite agreeing as part of the settlement to retain an independent consultant to evaluate the Plan’s lineup and investment policy statement for a period of up to three years, Defendants still maintain an all-proprietary lineup. Defendants still retain underperforming proprietary funds where an objective and prudent review of comparable investments in the marketplace would have revealed numerous superior nonproprietary investments.”

Additionally, the plaintiffs alleged, “Defendants’ selection and retention of their proprietary funds and the resulting harm to the Plan and its participants, Plaintiffs assert a claim against Defendants for breach of the fiduciary duties of loyalty and prudence.”

Plaintiffs presented two claims for relief, including for the alleged breach of the duties of loyalty and prudence as well as alleged failure to monitor fiduciaries. 

In the complaint for relief, the plaintiffs requested a judgment granting restitution, injunctive relief, and monetary relief. The plaintiffs also requested an award for pre-judgment interest and other equitable reliefs along with costs of litigation. 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    8:23-CV-00098

  • Filing Date:

    01/17/2023

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Labor - Employee Benefit

Judge Details

Presiding Judge

James V. Selna

Referral Judge

Karen E. Scott

 

Party Details

Plaintiffs

Chad Rocke

Christopher Collins

Defendants

Allianz Asset Management of America, L.P.

Administrative Plan Committee of the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement Plan

Retirement Plan Committee of the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement Plan

John Does 1-30

Attorney/Law Firm Details

Plaintiff Attorneys

Caroline E Bressman

Attorney at Nichols Kaster PLLP

4700 Ids Center 80 South 8Th Street

Minneapolis, MN 55402

Paul J Lukas

Attorney at Nichols Kaster PLLP

4700 Ids Center 80 South 8Th Street

Minneapolis, MN 55402

Richard L Kellner

Attorney at Kellner Law Group PC

1180 South Beverly Drive Suite 610

Los Angeles, CA 90035

 

Court Documents

13 #2

Retirement Plan Committee

13 #1

Administrative Plan Committee

#13

(#13) 21 DAY Summons Issued re Complaint (Attorney Civil Case Opening), #1 as to Defendants Administrative Plan Committee of the Allianz Asset Management of America, L.P. 401k Savings and Retirement Plan, Allianz Asset Management of America, L.P., Retirement Plan Committee of the Allianz Asset Management of America, L.P. 401k Savings and Retirement Plan. (Attachments: #1 Administrative Plan Committee, #2 Retirement Plan Committee) (sh) (Entered: 01/19/2023)

#12

(#12) Notice to Counsel Re Consent to Proceed Before a United States Magistrate Judge. (sh) (Entered: 01/19/2023)

#11

(#11) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (sh) (Entered: 01/19/2023)

#10

(#10) NOTICE OF ASSIGNMENT to District Judge James V. Selna and Magistrate Judge Karen E. Scott. (sh) (Entered: 01/19/2023)

#9

(#9) NOTICE of Deficiency in Electronically Filed Pro Hac Vice Application RE: APPLICATION of Non-Resident Attorney Brock J. Specht to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628111) #6 . The following error(s) was/were found: The name of the Pro hac attorney [Brock J Specht] on the [Prop] Order does not match the name of the Pro Hac on the Application [Caroline E Bressman]. (lom) (Entered: 01/17/2023)

8 #1

Proposed Order

#8

(#8) APPLICATION of Non-Resident Attorney Paul J. Lukas to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628274) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

7 #1

Proposed Order

#7

(#7) APPLICATION of Non-Resident Attorney Caroline E. Bressman to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628231) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

6 #1

Proposed Order

#6

(#6) APPLICATION of Non-Resident Attorney Brock J. Specht to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628111) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

#5

(#5) CERTIFICATE of Interested Parties filed by Plaintiff Christopher Collins, Chad Rocke, (Kellner, Richard) (Entered: 01/17/2023)

4 #1

Civil Cover Sheet

#4

(#4) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening), #1 filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Civil Cover Sheet)(Kellner, Richard) (Entered: 01/17/2023)

#3

(#3) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening), #1 filed by Plaintiff Christopher Collins, Chad Rocke. (Kellner, Richard) (Entered: 01/17/2023)

#1

(#1) COMPLAINT Receipt No: ACACDC-34627861 - Fee: $402, filed by Plaintiff Chad Rocke, Christopher Collins. (Attorney Richard L Kellner added to party Christopher Collins(pty:pla), Attorney Richard L Kellner added to party Chad Rocke(pty:pla))(Kellner, Richard) (Entered: 01/17/2023)

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Docket Entries

  • 01/19/2023
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  • Docket(#13) 21 DAY Summons Issued re Complaint (Attorney Civil Case Opening), #1 as to Defendants Administrative Plan Committee of the Allianz Asset Management of America, L.P. 401k Savings and Retirement Plan, Allianz Asset Management of America, L.P., Retirement Plan Committee of the Allianz Asset Management of America, L.P. 401k Savings and Retirement Plan. (Attachments: #1 Administrative Plan Committee, #2 Retirement Plan Committee) (sh) (Entered: 01/19/2023)

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  • 01/19/2023
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  • Docket(#12) Notice to Counsel Re Consent to Proceed Before a United States Magistrate Judge. (sh) (Entered: 01/19/2023)

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  • 01/19/2023
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  • Docket(#11) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (sh) (Entered: 01/19/2023)

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  • 01/19/2023
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  • Docket(#10) NOTICE OF ASSIGNMENT to District Judge James V. Selna and Magistrate Judge Karen E. Scott. (sh) (Entered: 01/19/2023)

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  • 01/17/2023
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  • Docket(#9) NOTICE of Deficiency in Electronically Filed Pro Hac Vice Application RE: APPLICATION of Non-Resident Attorney Brock J. Specht to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628111) #6 . The following error(s) was/were found: The name of the Pro hac attorney [Brock J Specht] on the [Prop] Order does not match the name of the Pro Hac on the Application [Caroline E Bressman]. (lom) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#8) APPLICATION of Non-Resident Attorney Paul J. Lukas to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628274) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#7) APPLICATION of Non-Resident Attorney Caroline E. Bressman to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628231) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#6) APPLICATION of Non-Resident Attorney Brock J. Specht to Appear Pro Hac Vice on behalf of Plaintiffs Christopher Collins, Chad Rocke (Pro Hac Vice Fee - $500 Fee Paid, Receipt No. ACACDC-34628111) filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Proposed Order) (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#5) CERTIFICATE of Interested Parties filed by Plaintiff Christopher Collins, Chad Rocke, (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#4) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening), #1 filed by Plaintiff Christopher Collins, Chad Rocke. (Attachments: #1 Civil Cover Sheet)(Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#3) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening), #1 filed by Plaintiff Christopher Collins, Chad Rocke. (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#2) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening), #1 filed by Plaintiff Christopher Collins, Chad Rocke. (Kellner, Richard) (Entered: 01/17/2023)

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  • 01/17/2023
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  • Docket(#1) COMPLAINT Receipt No: ACACDC-34627861 - Fee: $402, filed by Plaintiff Chad Rocke, Christopher Collins. (Attorney Richard L Kellner added to party Christopher Collins(pty:pla), Attorney Richard L Kellner added to party Chad Rocke(pty:pla))(Kellner, Richard) (Entered: 01/17/2023)

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