The law firm of Schlichter Bogard & Denton has a new target in an excessive fee suit—the plan’s investment advisor.
More specifically, plaintiffs Michelle Mills, Coy Sarell, Chad Westover,... Read More
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Litigation
BY Nevin E. Adams, JD | 5/17/2022
How much injury do you need to suffer in order to bring an excessive fee suit?
That issue arose in one of a half-dozen cases that had been frozen in place last fall pending the U.S.... Read More
BY Nevin E. Adams, JD | 5/11/2022
In less than a year, the law firm of Capozzi Adler has wrested a settlement from a multiple employer plan accused of breaching its fiduciary duties.
The plan in question—more specifically... Read More
BY Nevin E. Adams, JD | 5/10/2022
Springfield, Missouri-based O’Reilly Automotive, Inc. is the latest to draw the attention of the plaintiffs’ bar—or more precisely its $1.1 billion plan and 53,000 participants.
These... Read More
BY Nevin E. Adams, JD | 5/9/2022
A consulting firm’s data breach has triggered a second class action lawsuit by an affected participant on behalf of a class of some 2,500,000 individuals.
The suit, brought by plaintiff Greg... Read More
BY Nevin E. Adams, JD | 5/2/2022
An excessive fee suit which alleged that the “Plaintiff has standing to bring this action on behalf of the Plan because he participated in the Plan and was injured by Defendants’ unlawful conduct”... Read More
BY Nevin E. Adams, JD | 4/28/2022
A settlement term—and plaintiffs’ attorney fees—in a proprietary fund suit may be undermined by the Labor Department’s recent comments on cryptocurrency—more specifically, concerns about what those... Read More
BY Nevin E. Adams, JD | 4/27/2022
In a feature article in the latest issue of NAPA Net the Magazine, Nevin E. Adams, JD takes a deep dive into a unanimous U.S. Supreme Court ruling that gives excessive fee suit plaintiffs... Read More
BY Nevin E. Adams, JD | 4/25/2022
You might think the plaintiffs’ bar would have exhausted the number of $1 billion 401(k) plans to sue—but then you’d be wrong.
The latest is healthcare and bioscience company Grifols Shared... Read More
BY NAPA Net Staff | 4/20/2022
In Part 2 of their “live” podcast from the NAPA 401(k) Summit, Nevin (Adams) & Fred (Reish) discuss ESG (and “material risk and return factors”), tie-breakers, designated investment alternatives... Read More
BY Nevin E. Adams, JD | 4/20/2022
A 401(k) excessive fee case was dismissed for failing to make a case sufficient to go to trial—but given a chance to remedy that situation.
Here plaintiff Lauren Cunningham[i] alleged that... Read More
BY Nevin E. Adams, JD | 4/19/2022
For the second time in a month, the Ninth Circuit Court of Appeals has given new life to an excessive fee suit.
The suit was filed in late 2019 against fiduciaries of Trader Joe’s Company... Read More
BY Nevin E. Adams, JD | 4/18/2022
After “nearly five years of intensive litigation,” a little over a month ago, a university 403(b) excessive fee suit settled—and now we know the terms.
The suit was originally filed in June... Read More
BY Nevin E. Adams, JD | 4/14/2022
In the first ruling since the Supreme Court’s Hughes v. Northwestern University decision, an appellate court has resurrected a plaintiffs’ case in an excessive fee case that had been... Read More
BY NAPA Net Staff | 4/13/2022
Nevin (Adams) & Fred (Reish) take their podcasting on the road to Tampa for a live session at the 2022 NAPA 401(k) Summit—and discuss the outcome—and short- and long-term implications—of a recent... Read More
BY Nevin E. Adams, JD | 4/6/2022
The parties in an excessive fee suit focused on the adoption of collective investment trusts have come to terms.
This suit (Becker v. Wells Fargo & Co., N.D. Cal.., No. 3:20-cv-01803,... Read More
BY Ted Godbout | 3/31/2022
The Bay State’s fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker... Read More
BY Nevin E. Adams, JD | 3/30/2022
An excessive fee suit that had embroiled both a plan sponsor and the provider of a target-date fund series chosen by the plan has come to a conclusion.
The original suit, filed in the U.S.... Read More
BY Nevin E. Adams, JD | 3/28/2022
Another 401(k) has been charged with falling short of its fiduciary obligations—and of failing to leverage its “tremendous bargaining power”—though it’s a smaller plan than most caught in those... Read More
BY Nevin E. Adams, JD | 3/25/2022
A federal judge found that the participant-plaintiffs in a $4 billion plan’s excessive fee suit failed to make their case—but gave them an opportunity to fix it.
The suit was filed less... Read More
BY Nevin E. Adams, JD | 3/23/2022
Another multibillion-dollar 401(k) has been sued for a series of familiar—but also some new—angles that are claimed to illustrate a breach of their fiduciary duties under ERISA.
In a suit (Stengl... Read More
BY Nevin E. Adams, JD | 3/22/2022
The law firm of Schlichter Bogard & Denton has a new target—with some familiar accusations.
This time (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) they... Read More
BY Ted Godbout | 3/17/2022
In a win for independent financial advisors, a federal district court has ordered the reinstatement of a Trump-era rule on independent contractors, ruling that the Biden-led Department of Labor... Read More
BY Nevin E. Adams, JD | 3/17/2022
In an effort to “cater to its retirement plans,” Vanguard has triggered an “elephant stampede”—and a lawsuit.
There have been several target-date fund lawsuits of late—but this one came from a... Read More
BY Nevin E. Adams, JD | 3/16/2022
A suit involving excessive fee allegations regarding a $15 billion plan has come to terms with a unique settlement structure.
The History
Back in June 2020, the $15 billion Costco 401(k)... Read More
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