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Nevin E. Adams, JD

By Nevin E. Adams, JD | 3/15/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals… In Woodland Hills, California, they’re building a new walking bridge across some busy highways here…but you probably won’t be using it…  From somewhere in the UK, George... READ MORE
By Nevin E. Adams, JD | 3/14/2024
In a lengthy filing (109 pages), Yale University says the plaintiffs who lost their excessive fee case in a jury trial shouldn’t get a “do over.” More specifically, the Yale fiduciary defendants in that case have filed the aforementioned brief stating that the Second Circuit need not concern... READ MORE
By Nevin E. Adams, JD | 3/12/2024
As St. Patrick’s Day approaches, I’m reminded of a trip my younger brother and I made with my grandparents to the Great Smoky Mountains.  Now, my grandparents had made many trips to that area, but it was a new experience for me and my brother. To this day I remember a hotel that had a pool with a... READ MORE
By Nevin E. Adams, JD | 3/12/2024
An excessive fee suit decision that starts out noting that the “defendants are fiduciaries of a 401(k) plan that, between 2016 and 2022, substantially reduced the recordkeeping fees charged to plan participants” doesn’t bode well for the plaintiffs. And in fact, the very next sentence—from U.S.... READ MORE
By Nevin E. Adams, JD | 3/8/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals… In Las Vegas, Nevada, the Bellagio paused its famous fountains as it welcomed one of “the most exclusive guests”…  In Kennesaw, Georgia, an unnamed woman had an unspecified... READ MORE
By Nevin E. Adams, JD | 3/5/2024
I’m not sure how old I was when I first saw “Night of the Living Dead”—but I have long been intrigued by stories of a zombie apocalypse—where mindless beings inexplicably rise from the dead, with no memory of their past, just a relentless (and apparently insatiable) hunger for…well, “us.” That is... READ MORE
By Nevin E. Adams, JD | 3/5/2024
The parties in yet another 401(k) excessive fee suit have come to terms after two years of litigation. The suit in question involved the fiduciaries of the $5.2 billion L3Harris Retirement Savings Plan—a suit that in March 2022 claimed the participant-plaintiffs had exhausted their administrative... READ MORE
By Nevin E. Adams, JD | 3/1/2024
Well, here we are again at the end of yet another workweek … and another month … yet, just look at what happened to these guys and gals… In Ave Maria, Florida, an unnamed couple encountered a whole new (and uniquely Floridian) golf hazard … and yes, we have video…  Why do we do leap day?   While... READ MORE
By Nevin E. Adams, JD | 2/29/2024
The ink was barely dry on the denial of a motion to dismiss the suit, when American Airlines filed a motion of summary judgement, claiming that “there is no genuine issue as to any material fact and the [movant] is entitled to judgment as a matter of law.” Where We’ve Been Participant-plaintiff (... READ MORE
By Nevin E. Adams, JD | 2/28/2024
A big plan has struck a big cash settlement in an excessive fee suit involving the use of proprietary investment products in its 401(k) plan. The suit was brought by a number of plaintiff-participants relating to the management of the New York Life Insurance Company Employee Progress-Sharing... READ MORE
By Nevin E. Adams, JD | 2/27/2024
Last week we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so. The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of... READ MORE
By Nevin E. Adams, JD | 2/27/2024
Litigation that involved a multiple employer plan (MEP), merging plans, a 3(38) investment advisor, a plan sponsor—and at one point an advisor (NFP)—has been resolved in favor of the fiduciary defendants, while reminding us of the value and importance of a prudent process in target-date fund... READ MORE
By Nevin E. Adams, JD | 2/23/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals… In Milwaukee, Wisconsin, a recent collision between an Amazon van….and an Amtrak train…got caught on video… nobody hurt (incredibly—driver missed by INCHES), but some shocking... READ MORE
By Nevin E. Adams, JD | 2/23/2024
Looks like an American Airlines participant-plaintiff who argued that plan fiduciaries didn’t act in participants’ best interests in including funds managed by firms that allegedly favored ESG interests will get his day in court. Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the... READ MORE
By Nevin E. Adams, JD | 2/23/2024
Yet another plan has been sued for breaching its fiduciary duties by using forfeitures to offset company contributions, rather than allocating those to remaining participant accounts. The target this time is Tetra Tech Inc. The suit filed on behalf of participant-plaintiff Tamara Yagy by Hayes... READ MORE
By Nevin E. Adams, JD | 2/20/2024
The solution to the coverage gap lies through small business—but only about a third have been approached in the past year about offering one, according to a new survey. That’s not exactly a new revelation—any number of surveys and government data throughout the years indicates that the vast... READ MORE
By Nevin E. Adams, JD | 2/20/2024
The Department of Labor (DOL) has gone to court to protect retirement plan assets in a case of alleged embezzlement by a TPA. The DOL says that an emergency temporary restraining order (TRO) has been issued by the U.S. District Court for the Western District of Pennsylvania against RiversEdge... READ MORE
By Nevin E. Adams, JD | 2/16/2024
Well, here we are again at the end of yet another workweek …and yet, just look at what has happened to these guys and gals… In Hendersonville, North Carolina, Charlotte the stingray has turned up pregnant…but, as it turns out, there are no male stingrays in her tank…so staff is thinking that the... READ MORE
By Nevin E. Adams, JD | 2/16/2024
A federal appellate court has affirmed the decision of a district court in rejecting fiduciary breach claims in the selection/retention of proprietary funds—noting evidence of a "robust process" in reviewing plan investments. The Claims Back in September 2022 fiduciaries of the $7.5 billion... READ MORE
By Nevin E. Adams, JD | 2/15/2024
Another suit has been filed against a large employer for allegedly not acting in participants’ best interest in their use of forfeitures—but with some twists in the arguments. The target this time is the fiduciaries of the Honeywell 401(k) plan who, according to participant-plaintiff Luciano... READ MORE

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