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ERISA

BY Nevin E. Adams, JD | 7/18/2019
A federal judge has weighed in on a question relevant to new plan committee fiduciaries: When and how does their liability for the decisions of previous committee members begin? This case (Fuller... Read More
BY Nevin E. Adams, JD | 7/17/2019
When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back. The plaintiffs in this... Read More
BY Nevin E. Adams, JD | 7/12/2019
A relatively small ($500 million) plan has found itself the target of an excessive fee suit – but that’s not the real news. This particular suit (Enos v. Adidas Am., Inc., D. Or., No. 3:19-cv-... Read More
BY Nevin E. Adams, JD | 7/11/2019
An ERISA excessive fee class action settlement has been challenged by a self-described “pure public-interest non-attorney litigant.” The settlement in question isn’t particularly large by... Read More
BY Nevin E. Adams, JD | 7/8/2019
Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response. The suits have been brought by participants in various 401(k) plans... Read More
BY Nevin E. Adams, JD | 7/1/2019
The U.S. Supreme Court has agreed to take on yet another ERISA case this term. This case – Thole v. U.S. Bank, N.A., U.S., No. 17-1712, certiorari granted 6/28/19 – involves a suit by... Read More
BY Nevin E. Adams, JD | 6/25/2019
Our industry has long disparaged the apparent “overindulgence”1 of participants in the stock of their employer as a retirement investment. However, for plan fiduciaries – and those who advise them –... Read More
BY Nevin E. Adams, JD | 6/25/2019
A (relatively) small plan has settled claims that fiduciaries had “imprudently incorporating funds on its menu that were excessively expensive.” The defendant plan in question is the (relatively... Read More
BY Nevin E. Adams, JD | 6/24/2019
A participant-plaintiff’s appeal of a judgement denying his claims of a fiduciary breach by his employer has come up short. This suit was brought by plaintiff Alexander Usenko, a former employee... Read More
BY Nevin E. Adams, JD | 6/20/2019
A plan sponsor fiduciary won their case in court, refuting allegations that they should have removed a fund from the plan’s investment menu. The plaintiff in this case was one Marc J. Muri, an... Read More
BY Ted Godbout | 6/19/2019
Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey... Read More
BY Nevin E. Adams, JD | 6/18/2019
Plaintiffs Melissa Velazquez and Frances Fuentes-Noriega have submitted the terms of a proposed settlement with the court. The parties had announced having come to terms last month – just days... Read More
BY Ted Godbout | 6/16/2019
Contending that the SEC’s new Regulation Best Interest falls short, the Massachusetts’ Secretary of the Commonwealth plans to enter the fiduciary rulemaking fray. William Galvin announced June 14... Read More
BY Nevin E. Adams, JD | 6/14/2019
An excessive fee suit has been granted class action status in federal court. This time it’s a group of former participants in the JPMorgan Chase 401(k) Savings Plan, a plan that has approximately... Read More
BY Nevin E. Adams, JD | 6/11/2019
The nation’s highest court has just agreed to consider another ERISA case – this one involving a set of target-date fund investments – more precisely when the clock starts on the statute of... Read More
BY Nevin E. Adams, JD | 6/10/2019
The same appellate court responsible for an outlier result in an ERISA suit accepted by the nation’s highest court has just ruled on a similar case. The Second Circuit Court of Appeals, in an... Read More
BY Nevin E. Adams, JD | 6/3/2019
Plan fiduciaries who have already prevailed on most claims in an excessive fee suit have now won their motion on denying plaintiffs a jury trial. In a curt ruling (Troudt v. Oracle Corp., D. Colo... Read More
BY Nevin E. Adams, JD | 5/31/2019
There’s that old caution about being a day late, and a dollar short – well, the plaintiffs in an excessive fee suit were two days late – and missed a key date. The plaintiffs here were... Read More
BY Nevin E. Adams, JD | 5/29/2019
It’s often said that “if at first you don’t succeed, try, try again.” But that didn’t work for the plaintiffs in a suit challenging the use of a money market fund, rather than a stable value option... Read More
BY Nevin E. Adams, JD | 5/28/2019
A federal judge has given preliminary approval to a $3.45 million settlement of a suit brought against Eaton Vance by a participant in its $434 million plan for allegedly loading up its 401(k) plan... Read More
BY Nevin E. Adams, JD | 5/21/2019
Disqualification of an expert witness “is a drastic measure that courts should impose only hesitantly, reluctantly, and rarely.” Thus begins a rebuttal to an attempt to disqualify well-known ERISA... Read More
BY Nevin E. Adams, JD | 5/16/2019
Another excessive fee suit settles just ahead of its scheduled trial date. In the latest such settlement, SEI Investments Co. struck a deal that would resolve allegations that the firm filled its... Read More
BY Nevin E. Adams, JD | 5/13/2019
Another fund manager strikes a deal in an excessive fee brought by a former participant – just days before the matter was scheduled to go to trial. This suit involved MFS and its actions as plan... Read More
BY Nevin E. Adams, JD | 5/8/2019
The parties in a suit brought against Eaton Vance by a participant in its $434 million plan for loading up its 401(k) plan with relatively expensive proprietary investment options that allegedly... Read More
BY Nevin E. Adams, JD | 5/8/2019
A $24 million settlement – including an $8 million attorneys’ fee for plaintiffs’ counsel – has been approved in an excessive fee suit. Judge Catherine C. Eagles of the U.S. District Court for the... Read More

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