The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary... Read More
Advertisement
Litigation
BY Nevin E. Adams, JD | 2/14/2024
BY NAPA Net Staff | 2/7/2024
Another of the BlackRock target date fund (TDF) suits comes to a conclusion, the Wall Street Journal takes a peek at managed accounts—and Nevin and Fred ponder the implications for glidepaths.
To... Read More
BY Nevin E. Adams, JD | 2/6/2024
What may be the first case of an employee alleging a fiduciary breach by their employer’s health care practices has just been filed.
Johnson & Johnson has been sued (Lewandowski v. Johnson... Read More
BY Nevin E. Adams, JD | 2/5/2024
In the suit, filed in August 2021, participant-plaintiffs alleged that the fiduciaries of the $310 million SeaWorld Parks and Entertainment 401(k) Plan, and the SWBG, LLC 401(k) Plan breached their... Read More
BY Nevin E. Adams, JD | 2/1/2024
Another 401(k) excessive fee suit has been dismissed—because the participant bringing suit suffered no injury, and thus, had no grounds to bring suit according to a federal court.
The suit—brought... Read More
BY Nevin E. Adams, JD | 1/30/2024
Yet another of the suits alleging that plan fiduciaries “chased low fees” and were inattentive to performance results has been dismissed.
This was another of the series of roughly a dozen suits... Read More
BY Bonnie Treichel, JD, and Nevin E. Adams, JD | 1/29/2024
Retirement plan litigation continues at a rapid pace and with massive, surprisingly quick, settlement numbers. The last quarter of 2023 saw a continued variety of litigation under the Employee... Read More
BY Nevin E. Adams, JD | 1/26/2024
Following the assessment of an independent fiduciary that the settlement terms were reasonable, the parties in a 401(k) excessive fee suit have moved for approval by a federal judge.
The suit was... Read More
BY Nevin E. Adams, JD | 1/24/2024
A new report offers a new level of transparency on recordkeeping fees paid by the large plan targets of excessive fee suits—and calls out a number of misleading claims and benchmarks used by the... Read More
BY Nevin E. Adams, JD | 1/23/2024
Noting that “at some point, there must be some endpoint to this time-consuming and expensive cycle of litigation,” a federal judge has dismissed a 401(k) excessive fee suit.
That “expensive cycle... Read More
BY Nevin E. Adams, JD | 1/22/2024
Targeting the tie-breaker provision (still) contained in the so-called ESG rule, the 25 Attorneys General plaintiffs (along with some others) have formally appealed the district court’s support... Read More
BY Nevin E. Adams, JD | 1/22/2024
A federal judge stands ready to approve an excessive fee settlement proposal—but not the requested attorney fees.
The settlement was struck between participant-plaintiffs Brian Reichert and Derek... Read More
BY Nevin E. Adams, JD | 1/17/2024
Another of the 401(k) plans sued for offsetting company contributions with plan forfeitures rather than reallocating them to participant accounts, has filed a motion to dismiss the suit.
The... Read More
BY Nevin E. Adams, JD | 1/16/2024
Yet another of the plan fiduciaries sued for offsetting employer contributions with forfeitures has moved to dismiss the suit for failure to state a claim—taking a different approach than other such... Read More
BY NAPA Net Staff | 1/11/2024
Late last year a Pasadena, California law firm launched a series of suits alleging that the use of forfeitures to offset employer contributions was a fiduciary breach—Nevin (Adams) and Fred (Reish)... Read More
BY John Sullivan | 1/10/2024
The Department of Labor (DOL) filed two lawsuits against two defunct Maryland companies for failure to remit employer and employee contributions to their 401(k)s.
Acting Labor Secretary Julie Su... Read More
BY Nevin E. Adams, JD | 1/9/2024
“If this is the law, then that would be news to Congress and the regulatory agencies, which have declared for decades that forfeitures can be used in this manner,” says a motion to dismiss a lawsuit... Read More
BY John Sullivan | 1/9/2024
“I think 2023 was more about the activity in the pending cases and less about new cases filed,” Daniel Aronowitz said when asked about last year's excess fee and performance cases.
On Monday, the... Read More
BY Nevin E. Adams, JD | 1/8/2024
A federal judge has reviewed—and approved—an excessive fee settlement agreement, albeit with some modifications.
The participant-plaintiffs in this case are Salvador Aquino, Susan Ford,... Read More
BY Nevin E. Adams, JD | 1/2/2024
A number of lawsuits have recently been filed regarding the alleged misuse of forfeitures—but just a couple of months ago a plan was sued—and lost—a case brought by the Labor Department for not... Read More
BY Nevin E. Adams, JD | 12/28/2023
A billion-dollar plan has come to terms—cash and non-monetary terms—with participant-plaintiffs represented by Capozzi Adler that had made claims the plan paid $77 per participant, when plans of... Read More
BY Nevin E. Adams, JD | 12/19/2023
A new suit claims that the interest rates paid on Merrill Edge retirement accounts have lagged market trends and fallen short of the “reasonable” rates they claim to provide.
The suit was... Read More
BY Nevin E. Adams, JD | 12/18/2023
The Labor Department says a federal judge mis-instructed the jury on the burden of proof in an excessive fee suit—and wants them to get another hearing.
The suit against Yale University was one of... Read More
BY Nevin E. Adams, JD | 12/18/2023
Fiduciary defendants have moved to dismiss (with prejudice) a 401(k) suit that alleged a fiduciary breach in the use of forfeitures to offset company contributions saying, among other things, that... Read More
BY Nevin E. Adams, JD | 12/14/2023
Fiduciaries of a relatively small 401(k) plan have fended off an excessive fee suit with a federal judge finding no “meaningful benchmark” against which to assess a fiduciary violation.
The Suit... Read More
Recent Comments