Kai H.E. Liekefett

Nationwide Mutual Insurance Co. is urging an Ohio federal court to give it a quick win in a group of retirees' class action alleging mismanagement of their employee 401(k) plan, arguing the undisputed facts show a guaranteed fund option was a good investment. Nationwide said Monday in a brief supporting its bid for summary judgment that the retirees failed to show how any of the other products they claimed had high returns or lower fees were comparable to the guaranteed fund option subject to their allegations of mismanagement, or that any of those products were even available in the marketplace. "Regardless, the Sixth Circuit has held that a plan fiduciary has no obligation to select a product with the highest return or the lowest fees," Nationwide said, citing the 2022 case Smith v. CommonSpirit Health. . "With an above-market return and a low contract margin, the guaranteed fund indisputably was a prudent investment that provided tremendous benefits to participants." Nationwide further asserted that the retirees are wrong that the guaranteed fund is illegal and prohibited, arguing that the plaintiffs are asking the court to "fundamentally redesign" the fund's terms and offer "an imaginary product that has never existed in the actual marketplace — all to the detriment of and in conflict with the interests of the class members." "ERISA was not intended to enrich plaintiffs and their counsel at the expense of the plan participants," Nationwide said. U.S. District Judge Sarah D. Morrison granted class certification in the action led by former Nationwide employees Ryan Sweeney and Bryan Marshall in March 2024. They allege that Nationwide Mutual made illegal transfers from the pension plan — an investment option under Nationwide's larger savings plan called the Guaranteed Investment Fund — to Nationwide Life Insurance Co., which serviced the plan. The class includes all participants and beneficiaries who participated in the larger Nationwide Savings Plan and were invested in the guaranteed fund anytime after March 26, 2014. Nationwide lost a bid to dismiss the case in March 2022 when the court ruled that the retirees sufficiently alleged a fiduciary breach by asserting that Nationwide Mutual and its subsidiary made decisions that favored their financial interests over those of plan participants. According to the complaint, money invested in the guaranteed fund is transferred into Nationwide Life's general account, and employees are guaranteed a rate of return. However, Nationwide Life reduces the amount credited to plan participants to compensate for expenses, and Nationwide Mutual determines how much to pay its subsidiary, the complaint says. Representatives for the parties did not immediately respond to requests for comment on Wednesday. The class is represented by Kai H. Richter, Michelle C. Yau and Daniel R. Sutter of Cohen Milstein Sellers & Toll PLLC and Eric H. Zagrans of Zagrans Law Firm LLC. Nationwide is represented by Michael H. Carpenter and Jeffrey A. Lipps of Carpenter Lipps LLP and Dustin M. Koenig, Alexandra L. Schill, Evan Miller and Daniel Charles Loesing of Jones Day. The case is Sweeney et al. v. Nationwide Mutual Insurance Co. et al., case number 2:20-cv-01569, in the U.S. District Court for the Southern District of Ohio.

Dec 3

2 min

Sidley partners Kai Liekefett and Brien Wassner have been named by Crain’s New York Business to its 2025 “Notable M&A Dealmakers” list. The feature recognizes New York-based professionals who “exemplify the vision and execution powering today’s dealmaking.” Kai co-chairs Sidley’s Shareholder Activism and Corporate Defense practice. He has approximately 25 years of experience in corporate law and spends 100% of his time on shareholder activism campaigns, proxy fights, short attacks, and hostile takeovers. Crain’s has highlighted Kai’s role protecting shareholder value for leading public companies and his position on the advisory board of the New York chapter of the National Association of Corporate Directors. Brien is global co-leader of Sidley’s Private Equity practice, co-leader of the New York M&A and Private Equity group, and a member of the firm’s Executive Committee. He represents large-cap and middle-market private equity sponsors and other private capital investors and asset managers, as well as their portfolio companies, in connection with complex transactions, including mergers, acquisitions, dispositions, financings, and general corporate matters. Crain’s has especially recognized Brien’s decades of M&A and private equity experience on topics including leveraged buyouts, take-privates, and joint ventures.~~Sidley partners Kai Liekefett and Brien Wassner have been named by Crain’s New York Business to its 2025 “Notable M&A Dealmakers” list. The feature recognizes New York-based professionals who “exemplify the vision and execution powering today’s dealmaking.” Kai co-chairs Sidley’s Shareholder Activism and Corporate Defense practice. He has approximately 25 years of experience in corporate law and spends 100% of his time on shareholder activism campaigns, proxy fights, short attacks, and hostile takeovers. Crain’s has highlighted Kai’s role protecting shareholder value for leading public companies and his position on the advisory board of the New York chapter of the National Association of Corporate Directors. Brien is global co-leader of Sidley’s Private Equity practice, co-leader of the New York M&A and Private Equity group, and a member of the firm’s Executive Committee. He represents large-cap and middle-market private equity sponsors and other private capital investors and asset managers, as well as their portfolio companies, in connection with complex transactions, including mergers, acquisitions, dispositions, financings, and general corporate matters. Crain’s has especially recognized Brien’s decades of M&A and private equity experience on topics including leveraged buyouts, take-privates, and joint ventures.

Aug 12

2 min

Forbes has named six Sidley lawyers to the 2025 “America’s Top 250 Lawyers” list. Now in its second year, the list spotlights “elite practitioners at the pinnacle of the profession.” Forbes’ honorees are recognized for proven results, market acclaim, and outsized influence within their fields. Sidley honorees: Dave Anderson Yolanda C. Garcia Kai H.E. Liekefett Carrie Mahan Yvette Ostolaza Carter G. Phillips~~Forbes has named six Sidley lawyers to the 2025 “America’s Top 250 Lawyers” list. Now in its second year, the list spotlights “elite practitioners at the pinnacle of the profession.” Forbes’ honorees are recognized for proven results, market acclaim, and outsized influence within their fields. Sidley honorees: Dave Anderson Yolanda C. Garcia Kai H.E. Liekefett Carrie Mahan Yvette Ostolaza Carter G. Phillips

Sep 15

1 min

Sidley has been ranked No. 1 for company-side legal advisers in Bloomberg’s Global Activism League Tables for H1 2025 — both in North America and globally. Bloomberg has ranked Sidley the No. 1 legal adviser for activism defense in North America for more than five years. For H1 2025, Bloomberg ranked Sidley No. 1 for the total number of defended companies (32). Sidley was ranked No. 1 across the market capitalization spectrum – both for larger companies (market cap above US$1 billion) and for smaller companies (market cap below US$1 billion). Bloomberg also ranked Sidley the No. 1 legal adviser for activism defense in the consumer discretionary and financial industries. A link to the full league tables is here. The Bloomberg rankings follow Sidley’s Band 1 ranking in Chambers USA in Corporate/M&A: Takeover Defense, which stated that “Sidley Austin is the best in the business at activism defense work.” Similarly, Legal 500 has ranked Sidley in Tier 1 for Shareholder Activism — Advice to Boards, calling Sidley’s Shareholder Activism co-chairs Kai Liekefett and Derek Zaba “two of the best lawyers in America.” Sidley has also been ranked No. 1 in the shareholder activism defense league tables by FactSet, Diligent, and LSEG for company-side engagements in the past three years. In the past five years, Sidley has represented companies in approximately 150 proxy contests, several hundred activist campaigns, and dozens of settlements — more than any other legal defense practice in the world.~~Sidley has been ranked No. 1 for company-side legal advisers in Bloomberg’s Global Activism League Tables for H1 2025 — both in North America and globally. Bloomberg has ranked Sidley the No. 1 legal adviser for activism defense in North America for more than five years. For H1 2025, Bloomberg ranked Sidley No. 1 for the total number of defended companies (32). Sidley was ranked No. 1 across the market capitalization spectrum – both for larger companies (market cap above US$1 billion) and for smaller companies (market cap below US$1 billion). Bloomberg also ranked Sidley the No. 1 legal adviser for activism defense in the consumer discretionary and financial industries. A link to the full league tables is here. The Bloomberg rankings follow Sidley’s Band 1 ranking in Chambers USA in Corporate/M&A: Takeover Defense, which stated that “Sidley Austin is the best in the business at activism defense work.” Similarly, Legal 500 has ranked Sidley in Tier 1 for Shareholder Activism — Advice to Boards, calling Sidley’s Shareholder Activism co-chairs Kai Liekefett and Derek Zaba “two of the best lawyers in America.” Sidley has also been ranked No. 1 in the shareholder activism defense league tables by FactSet, Diligent, and LSEG for company-side engagements in the past three years. In the past five years, Sidley has represented companies in approximately 150 proxy contests, several hundred activist campaigns, and dozens of settlements — more than any other legal defense practice in the world.

Jul 1

2 min

FactSet ranked Sidley as the No. 1 legal adviser for company defense in its U.S. activism and defense league tables for the first half of 2025. FactSet credited Sidley with 24 campaigns. Sidley also ranked as the No. 1 company-side legal adviser in The London Stock Exchange Group (LSEG) shareholder activism league tables for the first half of 2025. LSEG credited Sidley with 33 campaigns. The FactSet and LSEG rankings follow Sidley’s No. 1 ranking by Bloomberg in the first half of 2025, along with Sidley’s Band 1 ranking in Chambers USA in Corporate/M&A: Takeover Defense, stating that “Sidley Austin is the best in the business at activism defense work.” Similarly, Legal 500 has ranked Sidley in Tier 1 for Shareholder Activism – Advice to Boards, calling Sidley’s activism co-chairs Kai Haakon E. Liekefett and Derek Zaba “two of the best lawyers in America.” Sidley has been ranked No. 1 in the shareholder activism defense league tables by Bloomberg, FactSet, Diligent, and LSEG for company-side engagements since 2020. In the past five years, Sidley has represented companies in approximately 150 proxy contests, several hundred activist campaigns, and dozens of settlements — more than any other legal defense practice in the world.~~FactSet ranked Sidley as the No. 1 legal adviser for company defense in its U.S. activism and defense league tables for the first half of 2025. FactSet credited Sidley with 24 campaigns. Sidley also ranked as the No. 1 company-side legal adviser in The London Stock Exchange Group (LSEG) shareholder activism league tables for the first half of 2025. LSEG credited Sidley with 33 campaigns. The FactSet and LSEG rankings follow Sidley’s No. 1 ranking by Bloomberg in the first half of 2025, along with Sidley’s Band 1 ranking in Chambers USA in Corporate/M&A: Takeover Defense, stating that “Sidley Austin is the best in the business at activism defense work.” Similarly, Legal 500 has ranked Sidley in Tier 1 for Shareholder Activism – Advice to Boards, calling Sidley’s activism co-chairs Kai Haakon E. Liekefett and Derek Zaba “two of the best lawyers in America.” Sidley has been ranked No. 1 in the shareholder activism defense league tables by Bloomberg, FactSet, Diligent, and LSEG for company-side engagements since 2020. In the past five years, Sidley has represented companies in approximately 150 proxy contests, several hundred activist campaigns, and dozens of settlements — more than any other legal defense practice in the world.

Jul 22

2 min