Two Texas A&M retirees filed a class action lawsuit against Denver-based Matrix Trust Company today in federal court in Colorado. According to the complaint, Matrix provides custodial and trust services for section 403(b) Retirement Plans, including Plans associated with Texas A&M University, Vernon College, Collin College, Laredo Community College, and Tarrant County College. Court documents state that Vantage Benefits Administrators provided recordkeeping services for the section 403(b) Plans at issue.
“Matrix stood by and allowed Vantage to pilfer the accounts of my clients. Quite frankly, their conduct is inexcusable. They had a duty to protect these accounts and did nothing,” noted counsel for the retirees Bruce Steckler of Steckler Wayne Cherry & Love PLLC in Dallas, Texas.
By filing this lawsuit, Retirement Plan accountholders are seeking compensation from Matrix for failing to meet its obligations as a trustee to protect their savings. The lawsuit seeks damages under Colorado law for breach of fiduciary duty, breach of contract, violations of the Colorado Securities Act and Colorado Organized Crime Control Act. It is alleged that at least $11 million was stolen, and at least $3 million was taken from Texas Retirement Plans.
The Plaintiffs are represented by Bruce Steckler and Katie Grosskopf of Steckler Wayne Cherry & Love PLLC, Dallas, Texas, Patrick D. Vellone and Rachel A. Sternlieb of Allen Vellone Wolf Helfrich & Factor P.C., Denver, Colorado, and John Palter of Palter Stokley Sims PLLC, Dallas, Texas.
Steckler Wayne Cherry & Love is a Dallas-based law firm that combines nearly a hundred years’ worth of experience trying over seventy-five cases to juries, judges and arbitrators (and preparing hundreds more that settled) in every field of law on behalf of both plaintiffs and defendants.
Court: United States District Court for the District of Colorado
Case Number: 1:18-cv-01625-CMA