Fiduciary defendants are pressing for a reconsideration of their motion to dismiss an excessive fee suit, citing new precedent and its higher threshold to bring suit.
The Suit
Here participant-... Read More
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Litigation
BY Nevin E. Adams, JD | 9/23/2022
BY Nevin E. Adams, JD | 9/21/2022
The plan size somewhat smaller, the plaintiff’s law firm relatively unknown in these matters—but the claims are familiar.
This time the plaintiff bringing suit is Grace Angelo—the targeted... Read More
BY Nevin E. Adams, JD | 9/20/2022
We don’t know all the particulars yet, but a number of pending excessive fee suits have announced settlements.
In a case of good news, bad news, the pace of excessive fee settlements seems to be... Read More
BY Nevin E. Adams, JD | 9/19/2022
Another excessive fee suit—and this one involving proprietary funds—has been decided in favor of the plan fiduciaries.
The victor here—Goldman Sachs and its $7.5 billion 401(k) plan on behalf of... Read More
BY Nevin E. Adams, JD | 9/15/2022
Having been sued for issuing its Compliance Assistance Release on cryptocurrency by cryptocurrency recordkeeping platform provider ForUsAll, the Labor Department is pushing back.
In fairness,... Read More
BY Nevin E. Adams, JD | 9/13/2022
A new suit claims that the decision to retain proprietary funds in the 401(k) was “polluted by self-interest,” driven by a “blind preference” and that “defendants’ favoritism has led to the payment... Read More
BY Nevin E. Adams, JD | 9/8/2022
Yet another stock drop suit has failed to clear the “more harm than good” pleading standard outlined by the United States Supreme Court in 2014.
Johnson & Johnson (“J&J”) offers an... Read More
BY Nevin E. Adams, JD | 9/6/2022
A case that hinged on the determination of fiduciary status based on control of plan assets—has been decided—again—in favor of the defendants.
The original suit (Rozo v. Principal Life Ins.... Read More
BY Nevin E. Adams, JD | 9/2/2022
There are plenty of cautionary tales about beneficiary designations and unintended consequences—here’s another.
It seems that Sally A. Hogen made contributions to a 401(k) plan during her... Read More
BY Nevin E. Adams, JD | 9/1/2022
Auto parts maker GKN North America Services Inc. managed to fend off some, but not all, claims in an excessive fee suit involving its use of Prudential’s GoalMaker product.
The suit began in... Read More
BY Nevin E. Adams, JD | 8/31/2022
A federal appellate court took another look at an excessive fee case it had dismissed—and found nothing in a recent Supreme Court decision to change its mind.
It was, in fact, the same appellate... Read More
BY Nevin E. Adams, JD | 8/30/2022
A lawsuit challenging the Labor Department’s subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI).
As noted in the... Read More
BY Nevin E. Adams, JD | 8/29/2022
ERISA’s anti-alienation provisions generally serve to protect/shield retirement assets from garnishment—there is, however, an exception—and Evan Greebel just found out the hard way.
In 2017, Evan... Read More
BY Nevin E. Adams, JD | 8/26/2022
ADP got something of a split decision in an excessive fee case—with a federal judge allowing claims regarding high record-keeping fees and expensive investments to proceed—but culling claims about... Read More
BY Nevin E. Adams, JD | 8/24/2022
The law firm of Miller Shah LLP has targeted yet another plan they claim “appear[s] to have chased the low fees charged by the BlackRock TDFs without any consideration of their ability to generate... Read More
BY Nevin E. Adams, JD | 8/23/2022
It’s been said that the “third time’s a charm”—but apparently not with regard to 401(k) excessive fee suits.
This particular suit (Mator v. Wesco Distrib., Inc., W.D. Pa., No. 2:21-cv-00403,... Read More
BY Nevin E. Adams, JD | 8/22/2022
The fiduciaries of yet another multi-billion dollar 401(k) have been sued for an alleged breach of its fiduciary duty—ostensibly for causing the plan to pay “unreasonable and excessive fees for... Read More
BY Nevin E. Adams, JD | 8/18/2022
Capozzi Adler PC has found another $1 billion 401(k) plan with “astronomical” fees in which “high recordkeeping fees” and underperforming target-date funds left participant accounts “languishing” in... Read More
BY Nevin E. Adams, JD | 8/17/2022
A federal judge has affirmed a $1.5 million judgement against Schlichter Bogard & Denton LLP and Schneider Wallace Cottrell Konecky LLP for their role in bringing a “reckless” excessive fee suit... Read More
BY Nevin E. Adams, JD | 8/16/2022
L Brands, parent company of Bath & Body Works has come to terms with the plaintiffs in a 401(k) excessive fee suit.
The suit—which had been filed in late 2020 by Shepherd, Finkelman,... Read More
BY Nevin E. Adams, JD | 8/16/2022
A federal appellate court says that the Labor Department is allowed to pursue its inquiry into the cybersecurity practices at a large recordkeeper.
Judge Michael B. Brennan (joined in the opinion... Read More
BY Nevin E. Adams, JD | 8/15/2022
Another large 401(k) plan has been sued for a breach of fiduciary duty involving excessive fees for recordkeeping—and managed account services it says were worth nothing.
This one has been filed... Read More
BY Nevin E. Adams, JD | 8/12/2022
Yet another large 401(k) plan has been sued for its decision to have the BlackRock LifePath target-date funds on its menu.
This time it’s the $1.5 billion Advance 401(k) Plan, in a suit... Read More
BY Nevin E. Adams, JD | 8/11/2022
Recent decisions in the Sixth Circuit have inspired yet another fiduciary defendant to request a reconsideration of their motion to dismiss a plaintiff’s excessive fee suit.
This time it’s the... Read More
BY Nevin E. Adams, JD | 8/8/2022
Another suit alleging that plan fiduciaries “chased low fees” and imprudently selected and retained the BlackRock LifePath target-date suite despite “consistently deplorable performance” has been... Read More
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