Genworth Financial Inc (GNW)

Donald Smith & Co., Inc., along with DSCO Value Fund, L.P., has reported a beneficial ownership of 22,482,191 shares of Genworth Financial Inc. common stock, which accounts for 5.87% of the total class. Donald Smith & Co., Inc. holds sole voting power over 21,777,866 shares and sole dispositive power over 22,245,006 shares. The shares are held for advisory clients and fund investors who maintain the economic rights to dividends and sale proceeds.

A Fourth Circuit court ruling denying class certification for Genworth 401(k) plan participants is significantly impacting ERISA litigation. This decision, which views individual monetary claims in 401(k) cases as not suitable for mandatory class actions without opt-out rights, is expected to reduce class certification stipulations and limit new ERISA lawsuits, particularly those challenging fund performance. It presents a major hurdle for plaintiffs in 401(k) cases and gives employers stronger arguments against class bids.

A Fourth Circuit decision rejecting a rehearing for Genworth Financial workers' class status in an ERISA case is impacting litigation nationwide. The ruling, which determined individualized monetary claims cannot be grouped in a mandatory class action without specific notice or opt-out rights, challenges the historically high class certification rates in ERISA lawsuits. This shift could make it harder for plaintiffs to secure class status in cases challenging 401(k) fund performance and may lead to fewer ERISA suits filed in the Mid-Atlantic region.

A US Fourth Circuit Court of Appeals ruling denying class status to workers suing Genworth Financial over their 401(k) plan is poised to significantly impact ERISA litigation. The decision, which emphasizes individualized monetary claims and variations in participation, is expected to reduce class certification stipulations and potentially shift where new ERISA lawsuits are filed, especially those challenging fund performance. This marks a departure from previously high class certification rates in ERISA cases.

The U.S. 4th Circuit Court of Appeals has declined to rehear a 401(k) fiduciary breach case against Genworth Financial Inc., upholding its previous ruling that claims involving individualized monetary losses cannot proceed as mandatory class action lawsuits. This decision could significantly limit class actions in complaints against defined contribution plans. The case will now return to the district court, where plaintiffs may attempt to certify a class under a different rule that allows members to opt out.