Four attorneys at employee rights firm Nichols Kaster often pursued financial operations that pushed their own mutual funds onto their workers through company 401(k)s.
Now they’ve struck out on their own at a new firm and still have those types kinds of cases in mind—as well as other violations of the Employee Retirement Income Security Act.
“We’ve absolutely seen improvement in practices in this area” of companies putting their own interests over those of employees, said Carl Engstrom, a partner with the new firm, Engstrom Lee McDonough Thompson & Thomson.
The Minneapolis-based plaintiffs class action firm is focusing on retirement, consumer and employment cases. It’s representing current and former employees suing technology company A360 Inc., alleging that executives organized a buyback at a market value that deprived employees of millions of dollars.
Engstrom and three others who joined the new firm as name partners—Jennifer Lee, Brandon McDonough, and Mark Thomson—were ERISA lawyers when they worked at Nichols Kaster.
The partners had gained enough experience to start their own firm and were eager to have an ownership stake in a new operation, Engstrom said.
“We’ll miss them,” said Paul Lukas, a Nichols Kaster partner, in a written statement, “but understand their desire to give it a go on their own.”
The fifth name partner at Engstrom Lee, Nicholas...
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