Capozzi Adler PC[i] has found another target for excessive fee claims—and this one is a $10 billion 403(b) plan.
This time the defendants are the fiduciaries (and those who appointed them) of... Read More
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Litigation
BY Nevin E. Adams, JD | 1/18/2022
Another fiduciary breach suit has been filed involving a series of target funds with a short, and allegedly poor, track record.
This time it’s participant-plaintiff Joanna P. Mattson bringing... Read More
BY Nevin E. Adams, JD | 1/14/2022
Schlichter Bogard & Denton LLP is back at it—filing suit against a $1.4 billion 401(k) plan’s choice of the Northern Trust Focus Funds.
The suit—filed in the U.S. District Court for the... Read More
BY Nevin E. Adams, JD | 1/12/2022
It’s taken a while for the details to emerge, but we finally know the terms of a proprietary fund settlement—cash and a plan design “twist.”
This suit—filed way back on Valentine’s Day, 2017—... Read More
BY Nevin E. Adams, JD | 1/5/2022
A new excessive fee suit makes a series of unusual (and unusually detailed) claims regarding fiduciary malfeasance—including the failure to adequately monitor the plan’s retirement plan advisor.... Read More
BY Nevin E. Adams, JD | 12/27/2021
While a number of excessive fee suits have failed to make their case sufficient to go to trial, one filed in a federal court in Massachusetts will get its shot in court.
The participant-plaintiff... Read More
BY Nevin E. Adams, JD | 12/22/2021
Capozzi Adler has filed yet another excessive fee suit–this one targeting an $8.5 billion 401(k) plan.
The plaintiffs here were a geographically diverse set of former workers—Paul M. Seibert,... Read More
BY Nevin E. Adams, JD | 12/21/2021
The suit itself is only a little more than a year old—brought by participant-plaintiffs Kristal M. Khan, Michelle R. Ballinger and George A. Craan on behalf of participants in the PTC 401(k) Savings... Read More
BY Nevin E. Adams, JD | 12/20/2021
Another proprietary fund suit has been filed, with participants in its own plan alleging “self-dealing at the expense of its own workers’ retirement savings.”
In the most recent case David... Read More
BY Nevin E. Adams, JD | 12/15/2021
UPDATED DEC. 20, 2021
With cybersecurity of increasing concern to plan fiduciaries, participants—and regulators—a participant has sued his plan’s recordkeeper for breach of an implied contract to... Read More
BY Nevin E. Adams, JD | 12/13/2021
A week ago, the U.S. Supreme Court heard oral arguments on an excessive fee suit involving Northwestern University’s 403(b) plan—in a case that could be a game changer in this type of litigation.... Read More
BY Nevin E. Adams, JD | 12/9/2021
A federal judge has rejected a “friend of the court” filing in an excessive fee case against the American National Red Cross.
In late August, noting that “converting subpar allegations into... Read More
BY Nevin E. Adams, JD | 12/8/2021
A $5.5 million settlement struck in a case involving valuation in an Employee Stock Ownership Plan (ESOP) has been approved—with an interesting “adjustment.”
The suit (filed in 2019) arose out of... Read More
BY Nevin E. Adams, JD | 12/2/2021
A federal judge has dismissed an excessive fee suit that “contains no factual allegations surrounding defendant’s process for selecting and monitoring investments.”
More precisely, Judge Karin J.... Read More
BY Nevin E. Adams, JD | 11/29/2021
While it may not be insurmountable, a federal court judge has refused to sign off on an excessive fee settlement.
The ink was barely dry on the deal struck between Mercy Health Corp. and... Read More
BY Nevin E. Adams, JD | 11/29/2021
Another university 403(b) excessive fee suit has settled for cash “…and other meaningful non-monetary relief.”
The settlement (Santiago v. Univ. of Miami, S.D. Fla., No. 1:20-cv-21784, motion for... Read More
BY Nevin E. Adams, JD | 11/23/2021
In less than a year’s time, plaintiffs in an excessive fee case have wrangled a $2 million settlement.
This suit—filed in December 2020 by four former employees (Christian Harding, Patricia... Read More
BY Nevin E. Adams, JD | 11/19/2021
The plaintiffs in an excessive fee suit got to have their day in court—but the defendants (mostly) made their case.
The plaintiffs here (In re: LinkedIn ERISA Litigation, case number 5:20-cv-05704... Read More
BY Nevin E. Adams, JD | 11/12/2021
The law firm of Capozzi Adler PC has filed yet another excessive fee suit—with a familiar template—including the assertion that the fees paid by the plan were…”astronomical.”
This time Malika... Read More
BY Nevin E. Adams, JD | 11/10/2021
An excessive fee case whose petition to dismiss was still pending has opted to settle instead.
The suit—filed in August 2020—had alleged that defendants here—Mercy Health Corporation Employees’... Read More
BY Nevin E. Adams, JD | 11/8/2021
The latest target of an excessive fee lawsuit? A $5.9 billion 401(k).
Targeted this time is the Kroger 401(k) Retirement Savings Account Plan by participant Lisa A. Sigetich (a Customer Service... Read More
BY Nevin E. Adams, JD | 11/5/2021
While it may seem that courts pretty much rubber stamp settlements agreed to by the parties in excessive fee suits, a federal judge has reviewed—and made some modifications to this one.
The ... Read More
BY Nevin E. Adams, JD | 11/4/2021
The nation’s highest court appears to be considering a review of a challenge to the CalSavers program.
At least that’s implied by the request (Howard Jarvis Taxpayers Ass’n v. Cal. Secure Choice... Read More
BY Nevin E. Adams, JD | 10/28/2021
Taking a page (literally) from its recent excessive fee suit against the fiduciaries of the Deloitte 401(k) Plan, a litigation firm has made nearly identical claims against another of the “Big 4... Read More
BY Nevin E. Adams, JD | 10/25/2021
Noting that “the flawed complaint in this case flunks” ERISA’s pleading standards, the defendants in an excessive fee suit before the nation’s highest court say the case against them should be... Read More
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