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Nevin E. Adams, JD
By Nevin E. Adams, JD | 4/4/2023
As we headed to San Diego last week, two things were uppermost in my mind.
The Summit, of course — you don’t spend 10 months of your life focused on pulling together (and executing) the nation’s largest (and for my money, best) retirement plan advisor conference without running through your mind a...
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By Nevin E. Adams, JD | 3/31/2023
Well, here we are again at the end of yet another workweek — and just a couple of days away from the NAPA 401(k) Summit — but just look at what (still) happened to these guys and gals…
First, some odds and ends…
Is peanut butter a liquid? A ruling from the TSA: https://www.foxbusiness.com/...
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By Nevin E. Adams, JD | 3/31/2023
Seems that every excessive fee litigation has at its core the assumption that all recordkeeping services are interchangeable — a “commodity,” if you will. This week we asked readers what they thought.
The question — a simple enough one, of course. But we should perhaps start with a simple...
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By Nevin E. Adams, JD | 3/31/2023
Claiming that the suit by 25 state attorneys general “rests on a false premise,” the Labor Department is pushing back on a motion to forestall implementation of the so-called ESG regulation.
More specifically, the “Defendants’ Opposition to Plaintiff’s Motion for Preliminary Injunction” says that...
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By Nevin E. Adams, JD | 3/30/2023
A federal judge has denied the Labor Department’s motion to move a suit involving the so-called ESG regulation from a federal court in Texas to Washington, DC.
U.S. District Judge Matthew J. Kacsmaryk denied the Labor Department’s motion (State of Utah et al. v. Walsh et al., case number 2:23-cv-...
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By Nevin E. Adams, JD | 3/29/2023
Another excessive fee suit with participant-plaintiffs represented by two active ERISA litigants — has been dismissed on a number of grounds.
The defendants in this case — DISH Network Corporation, the board of directors of that firm, and the retirement plan fiduciaries of the $841 million DISH ...
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By Nevin E. Adams, JD | 3/28/2023
A few weeks back, an industry friend commented that, while we had certainly done a great job promoting the NAPA 401(k) Summit, that campaign hadn’t fully captured the essence of what makes “the Summit” different. Let me try here.
There are, admittedly, a lot of conferences out there — and most...
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By Nevin E. Adams, JD | 3/27/2023
Seems that every excessive fee litigation has at its core the assumption that all recordkeeping services are interchangeable — a “commodity,” if you will. This week, we’re asking you — is recordkeeping a commodity?
The question — a simple enough one, of course. But we should perhaps start with a...
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By Nevin E. Adams, JD | 3/27/2023
Following a United States Supreme Court directive, a federal court has reconsidered its earlier conclusions in an excessive fee case.
Now, it’s been awhile, but you may recall that the case[i] (April Hughes et al. v. Northwestern University) had been dismissed by this same Seventh Circuit back in...
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By Nevin E. Adams, JD | 3/24/2023
Well, here we are again at the end of yet another workweek—and just a week away from the NAPA 401(k) Summit—but just look at what (still) happened to these guys and gals…
First, some odds and ends…
Ever gone bungee jumping, and found yourself wondering what would happen if… well, in Pattaya,...
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By Nevin E. Adams, JD | 3/24/2023
Commenting that “the Florida court’s analysis is rooted in a fundamental legal error,” the Department of Labor says it may appeal a ruling that upended its guidance pertaining to fiduciary duty regarding rollovers.
Last month, the United States District Court’s Middle District of Florida sided...
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By Nevin E. Adams, JD | 3/24/2023
Ours is a business guided by black and white laws, but with lots of gray nuance and interpretation applied to individual situations. This week, we asked readers to weigh in on some questions that normally get answered with nuance — and, shed of (most of that), got some “clarity.”
QDIA/Default...
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By Nevin E. Adams, JD | 3/22/2023
Eli Lilly has withdrawn its motion for attorney fees and costs—a move that says a lot about the cost of litigation in both time and money.
You may recall that the defendants in this case are the fiduciaries of the $8.2 billion Eli Lilly plan (as well as the company itself, and the employee benefit...
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By Nevin E. Adams, JD | 3/21/2023
Fans of Virginia, Arizona and Purdue, take heart (not to mention Stanford and Indiana in the women’s NCAA).
My college team didn’t make the NCAA tournament this year.
Not that that’s unusual. They (DePaul University) haven’t been “there” since 2004. And in all honestly, it’s been a long time...
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By Nevin E. Adams, JD | 3/20/2023
Ours is a business guided by black and white laws, but with lots of gray nuance and interpretation applied to individual situations. This week, we’ve got some questions that normally get answered with nuance — but we’d like you to just pick one…
One answer per question, that is. We’ve got just a...
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By Nevin E. Adams, JD | 3/20/2023
Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security.
While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (...
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By Nevin E. Adams, JD | 3/20/2023
Live Nation finds itself in the crosshairs of litigation — and it has nothing to do with Taylor Swift tickets.
As it turns out, Live Nation Entertainment Inc. (which merged with TicketMaster in 2010), currently embroiled in controversy about access to tickets for mega star Taylor Swift, now also...
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By Nevin E. Adams, JD | 3/17/2023
Well, here we are again at the end of yet another workweek — and one that’s been packed with Pi Day, the Ides of March, and now St. Patrick’s Day — and no shortage of missteps, accidental and deliberate —just look at what happened to these guys and gals…
First, some odds and ends…
Well, this is...
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By Nevin E. Adams, JD | 3/17/2023
When we talk about March Madness outcomes — well, we mean the yearly college basketball tournament held by the NCAA that runs from mid-March to early April (it will actually wrap up DURING Summit this year).
It’s been going on since 1939, though the field has expanded over the years (it began with...
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By Nevin E. Adams, JD | 3/16/2023
Another excessive fee suit involving proprietary funds has settled a little more than a year after the suit was filed.
In this one plaintiffs Jubril Pecou and Ashley Schiefer (who joined the suit later) had filed suit (represented by Nichols Kaster PLLP.) against the Bessemer Trust Company and the...
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