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Fiduciary Governance

BY Nevin E. Adams, JD | 9/23/2016
If you’ve been wondering if satisfying a “best interest” standard required satisfying a single best criteria, wonder no more.In a recent blog post, ERISA attorney Fred Reish explains that, because of... Read More
BY NAPA Net Staff | 9/21/2016
Due largely to the success of the Schlichter Bogard & Denton law firm representing class action plaintiffs in 401(k) lawsuits, notes industry insider Steff Chalk, a well-founded fear of being... Read More
BY Nevin E. Adams, JD | 9/15/2016
A recordkeeper has been sued for allegedly charging excessive fees as part of its advice arrangement with Financial Engines.Plaintiff Lisa Patrico, a participant in the Nestle 401(k) Savings Plan,... Read More
BY Nevin E. Adams, JD | 9/13/2016
Another major employer has been charged in an excessive fee lawsuit that not only contests the fees paid by the plan, but administrative fees paid by the plan to the plan sponsor as well.The suit... Read More
BY Nevin E. Adams, JD | 9/8/2016
A federal court has once again tossed a case involving a precipitous drop in a 401(k) employer stock because the plaintiffs failed to prove that disclosure would have cleared the “more harm than good... Read More
BY NAPA Net Staff | 9/6/2016
While advisors, broker-dealers, and RIAs continue to make preparations for the new fiduciary regulation, what might those changes mean for plan committees?In a recent ERISA Law Newsletter by the... Read More
BY Nevin E. Adams, JD | 9/6/2016
A second, separate proprietary fund suit has been filed against a financial services firm – and a separate law firm is looking for plaintiffs to pursue litigation regarding Morgan Stanley’s 401(k).M... Read More
BY NAPA Net Staff | 9/2/2016
Much attention has been given to the new fiduciary rules (applicable April 10, 2017) for recommending distributions from retirement plans and rollovers to IRAs – but what about a recommendation to... Read More
BY Nevin E. Adams, JD | 8/31/2016
What are advisors not (yet) focusing on in the fiduciary regulation that they should be? Four of the nation’s leading ERISA legal experts – former Assistant Secretary of Labor Brad Campbell (now with... Read More
BY Nevin E. Adams, JD | 8/31/2016
Chevron has won dismissal of an excessive fee class action in a decision that rebukes several of the claims that have surfaced in recent litigation by the law firm of Schlichter, Bogard & Denton.... Read More
BY Nevin E. Adams, JD | 8/29/2016
A plan sponsor and its recordkeeper are facing a class action for its selection of what are alleged to be target-date funds that charged excessive fees.The plan sponsor, Safeway, and its recordkeeper... Read More
BY Nevin E. Adams, JD | 8/24/2016
Once again, plan fiduciaries didn’t need a “presumption of prudence” to prevail in a stock drop lawsuit.The ruling came in a stock-drop suit (In re Pilgrim’s Pride Stock Inv. Plan ERISA Litig., E.D.... Read More
BY Nevin E. Adams, JD | 8/22/2016
The “other” law firm in the university 403(b) class action litigation has now turned its attention to 401(k)s, filing a $150 million ERISA class action against a large broker/dealer for its use of... Read More
BY Nevin E. Adams, JD | 8/22/2016
Another broker/dealer has been accused of larding its 401(k) plan menu with investment options from mutual fund families that paid hundreds of millions of dollars to the firm, despite what are... Read More
BY Nevin E. Adams, JD | 8/19/2016
The law firm of Schlichter, Bogard... Read More
BY Fred Barstein | 8/19/2016
At a recent TPSU event for DC plan sponsors held at the University of Georgia, an ERISA attorney on the panel commented on the recent rash of lawsuits against major universities, noting that one of... Read More
BY David Levine, JD | 8/18/2016
Earlier this year I wrote a post about ERISA litigation going “off the rails.” Alas, it feels like we've gone from bad to worse since then.In the past week, a whole new round of lawsuits involving... Read More
BY Nevin E. Adams, JD | 8/17/2016
Another lawsuit has been filed against a multibillion-dollar university retirement plan – but it’s not their 403(b) plan – and the law firm of Schlichter, Bogard & Denton isn’t involved.This one... Read More
BY Nevin E. Adams, JD | 8/16/2016
One could hardly read the headlines this past week without experiencing a certain sense of déjà vu. After all, it’s been not quite 10 years since the then relatively obscure St. Louis-based law firm... Read More
BY Nevin E. Adams, JD | 8/15/2016
Another day, another “jumbo” university plan accused of not fulfilling its fiduciary duties, though this one has a couple of different twists.Adding to the seven such lawsuits already brought by the... Read More
BY NAPA Net Staff | 7/29/2016
Is suggesting investment policies a fiduciary act? How about providing an investment policy statement? And will the fiduciary regulation change that?Well, according to a recent blog post by ERISA... Read More
BY NAPA Net Staff | 7/12/2016
The American Retirement Association (ARA) has partnered with Morningstar, Inc. to develop a program that sets a new standard in fiduciary education and best practices.The IRA Fiduciary Adviser... Read More
BY Nevin E. Adams, JD | 6/28/2016
Anyone who has ever found their grand idea shackled to the deliberations of a committee, or who has had to kowtow to the sensibilities of a recalcitrant compliance department, can empathize with the... Read More
BY Nevin E. Adams, JD | 6/9/2016
Another group of litigants has weighed in on the fiduciary regulation, claiming that it will injure American workers, is “contrary to law, arbitrary and capricious, and violates the First Amendment.”... Read More
BY Nevin E. Adams, JD | 6/8/2016
With the Labor Department’s fiduciary regulation now final, your plan sponsor clients may well be asking, “So, what does this mean for me?” A recent analysis by consultant Mercer outlines the... Read More