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ERISA

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
BY Nevin E. Adams, JD | 5/7/2019
The successful appeal of an excessive fee suit dismissal has triggered a review of another decision. The suit, involving the University of Pennsylvania Matching Plan, was given new life following... Read More
BY Nevin E. Adams, JD | 5/6/2019
“In the interest of efficiency and to avoid wasting the resources of the Court and the parties,” just five days before their trial date, the parties in an excessive fee suit have come to terms.... Read More
BY Nevin E. Adams, JD | 5/3/2019
The plaintiffs in an excessive fee case have managed to keep their case alive on appeal – in a case that also has an intriguing dissenting opinion. The suit was not only one of the first of the... Read More
BY Nevin E. Adams, JD | 4/29/2019
A federal court has weighed in on a new lawsuit alleging mismanagement of a 401(k) plan – and the role of the plan advisor regarding target-date fund recommendations. In another case where the... Read More
BY Nevin E. Adams, JD | 4/25/2019
While it’s unlikely to be “two for the price of one,” with a trial date looming, the parties in an excessive fee suit have come to terms – on two separate cases. Safeway Inc. has settled two... Read More
BY Nevin E. Adams, JD | 4/23/2019
In a major victory for the advocacy efforts of the American Retirement Association, new rules under the IRS’ Employee Plans Compliance Resolution System (EPCRS) will make it easier – and less costly... Read More
BY Nevin E. Adams, JD | 4/23/2019
After extensive litigation, lengthy discovery, and protracted arm’s-length negotiations with the assistance of a national mediator, the parties in an excessive fee suit have announced the terms of... Read More
BY Nevin E. Adams, JD | 4/22/2019
The nation’s highest court just took a step towards considering review of a case with significant implications for the burden of proof in ERISA lawsuits. The suit, Brotherston v. Putnam... Read More
BY Nevin E. Adams, JD | 4/21/2019
A new excessive fee suit claims plan fiduciaries “larded the plan with excessively expensive sub-advised accounts to the exclusion of superior alternatives” – and “negligently prepared and/or... Read More
BY Nevin E. Adams, JD | 4/18/2019
An investment advisor – enjoined in an excessive fee suit after discovery revealed their role – will have to defend its actions in court. The advisor in this case is AON Hewitt Investment... Read More
BY NAPA Net Staff | 4/15/2019
A new report notes that large companies have paid out $6.2 billion in 201 ERISA class-action lawsuits since 2000. And that’s the total of (just) 201 settlements and verdicts since the... Read More
BY Nevin E. Adams, JD | 4/11/2019
Claiming that “Fidelity literally has lined its pockets with at least hundreds of millions of dollars in secret payments by and through self-dealing, other prohibited transactions and breaches of its... Read More
BY Nevin E. Adams, JD | 4/10/2019
The parties in another long-standing excessive fee suit have come to terms – with some interesting twists in the terms of settlement.  The original lawsuit, filed in late 2015 in the... Read More
BY Nevin E. Adams, JD | 4/1/2019
While noting that the case “presents novel legal questions concerning state-mandated retirement savings accounts,” and “implicates a significant body of judicial and regulatory interpretations of... Read More
BY Nevin E. Adams, JD | 3/29/2019
The parties in one of the oldest excessive fee suits have finally come to terms. Those parties – Tussey v. ABB – settled for $55 million which, if approved by a federal judge, would... Read More
BY Nevin E. Adams, JD | 3/29/2019
Concluding that “DOL’s Final Rule stretches the definition of ‘employer’ beyond what ERISA’s text and purpose will bear,” a federal judge has thrown the Labor Department’s association health plan... Read More
BY Nevin E. Adams, JD | 3/28/2019
A federal appeals court has affirmed summary judgment in a class action suit involving 270,000 plan participants across more than 13,000 plans. The suit was filed in 2015 by plaintiff John... Read More
BY Nevin E. Adams, JD | 3/25/2019
Another investment manager sued by its own participants for running its plan as a “test vehicle for self-gain” has struck a deal with plaintiffs. This time the money manager is Eaton Vance, who... Read More
BY Nevin E. Adams, JD | 3/20/2019
For the second time in less than a month, Fidelity is being accused of charging excessive, undisclosed fees via its FundsNetwork platform. The most recent was filed by plaintiffs Gina Summers,... Read More
BY Nevin E. Adams, JD | 3/5/2019
Plan fiduciaries have prevailed again for a decision to continue to keep a mutual fund investment in the plan, even after plaintiffs alleged “…it became apparent that the Fund was no longer a... Read More

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