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
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Litigation
BY Nevin E. Adams, JD | 8/11/2022
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
BY Nevin E. Adams, JD | 8/8/2022
In a case that has lumbered around since a 2017 embezzlement by Vantage Benefits Administrators, a custodian has finally been able to clear its name.
The action followed an Oct. 31, 2017 raid... Read More
BY Nevin E. Adams, JD | 8/4/2022
Claiming that the plan fiduciaries “…employed a fundamentally irrational decision‐making process (i.e., inconsistent with their duty of prudence) contrary to basic economics and established... Read More
BY Nevin E. Adams, JD | 8/4/2022
Capozzi Adler and Miller Shah have wrested another settlement in an excessive fee suit—in record time.
This time it’s the $1.2 billion Rush University Medical Center 403(b) plan—sued by four... Read More
BY Nevin E. Adams, JD | 8/3/2022
In a flurry of litigation activity not seen since 2016, several different 401(k) plans holding a target-date fund family despite “consistently deplorable performance” have been sued by participants... Read More
BY Nevin E. Adams, JD | 8/2/2022
A federal appellate court has affirmed the decision of a district court in dismissing a fiduciary suit tied to its retirement plan holding of Boeing stock.
The original suit (Burke v. Boeing Co.,... Read More
BY Nevin E. Adams, JD | 7/29/2022
Yet another excessive fee suit has filed for, and been granted, an opportunity to represent its case to dismiss the plaintiff’s suit.
This time it’s the fiduciary defendants of the $4.3 billion... Read More
BY Ted Godbout | 7/28/2022
The prospect of 401(k) plans adding cryptocurrency to their plan menu is like waiting for “fruit to ripen,” according to a plaintiff’s lawyer who spoke as part of a July 26 “Lessons from Litigation”... Read More
BY Nevin E. Adams, JD | 7/26/2022
A recent appellate court decision warrants a rethink of an excessive fee suit decision—at least that’s the argument being made by the plan fiduciaries.
The suit in question was filed by a group of... Read More
BY Nevin E. Adams, JD | 7/20/2022
A $5.1 million settlement of a suit involving excessive fee allegations regarding a $15 billion plan with a settlement structure has been approved by the court.
The History
Back in June... Read More
BY Nevin E. Adams, JD | 7/19/2022
Another excessive fee suit—heavy on definitions and allegations, including a couple of potshots at the providers involved—has been filed in the U.S. District Court for the District of Minnesota.... Read More
BY Nevin E. Adams, JD | 7/15/2022
Noting that “precedent has overtaken some of the debates in the case,” a federal appellate court has weighed in on an excessive fee case—affirming the rejection of most, but not all, of the... Read More
BY Nevin E. Adams, JD | 7/13/2022
After nearly a year of negotiations (though that’s a pretty short turnaound by some measures), the parties in an excessive fee suit have asked for the court’s approval on a settlement agreement... Read More
BY Nevin E. Adams, JD | 7/11/2022
An ex-participant whose 401(k) account was drained of some $750,000 by a “fraudster” has filed suit against the plan fiduciaries, the recordkeeper and the trustee for alleged breaches of fiduciary... Read More
BY Nevin E. Adams, JD | 7/8/2022
The fiduciaries of yet another university 403(b) plan have been targeted with litigation—and while the allegations are familiar, the plaintiff’s attorney is new.
The suit—filed against both the... Read More
BY Nevin E. Adams, JD | 7/1/2022
There’s a battle brewing in Battle Creek about excessive recordkeeping and managed account fees.
Bradley H. Fleming, a former accountant at Kellogg’s, has sued his former employer, the Kellogg Co... Read More
BY Nevin E. Adams, JD | 6/29/2022
The Labor Department is pushing back against litigation challenging specific elements of its FAQs regarding the fiduciary rule.
The suit (Am. Sec. Ass’n v. U.S. Dep’t of Labor, M.D. Fla... Read More
BY Nevin E. Adams, JD | 6/28/2022
A federal appellate court has backed the dismissal of an excessive fee suit, rejecting the notion that offering actively managed funds—even those with disappointing performance—by itself doesn’t... Read More
BY Nevin E. Adams, JD | 6/27/2022
A multibillion-dollar 403(b) plan has been sued for the second time in a year.
Now, MITRE had been sued in 2021—in a case just dismissed a few weeks back—because the named plaintiff, one... Read More
BY Nevin E. Adams, JD | 6/24/2022
A federal judge has ruled that the comparisons put forth as proof of a fiduciary breach were not “meaningful.”
The suit was filed late last year by plaintiff-participants Malika Riley and... Read More
BY Nevin E. Adams, JD | 6/17/2022
An excessive fee suit filed on behalf of participants by a law firm that appears to be a relative newcomer to this genre—has settled.
More specifically, in a notice of settlement filed with... Read More
BY Nevin E. Adams, JD | 6/10/2022
A federal judge has questioned the wording in a $7 million excessive fee settlement agreement.
The suit—filed way back on Valentine’s Day, 2017—involved allegations by a participant in its own... Read More
BY Nevin E. Adams, JD | 6/7/2022
A federal judge has dismissed an excessive fee suit involving a $7.8 billion 401(k) plan, accepting the argument that the participant-plaintiff wasn’t even invested in the funds in question.
Mind... Read More
BY Nevin E. Adams, JD | 6/3/2022
Recordkeeper ForUsAll has filed suit against the Labor Department for its recent “arbitrary and capricious attempt to restrict the use of cryptocurrency in defined contribution retirement plans…”... Read More
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