It’s said that if at first you don’t succeed, try, try again—and that’s just what one plaintiff is doing in its attempt to do away with the CalSavers program.
Actually, it’s multiple plaintiffs—... Read More
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Litigation
BY Nevin E. Adams, JD | 10/18/2021
Capozzi Adler has filed suit against another multibillion-dollar 401(k)—calling Vanguard’s fees “astronomical.”
Granted, that was “when benchmarked against similar plans”—and in this case similar... Read More
BY Nevin E. Adams, JD | 10/15/2021
While the plan fiduciaries in the case chose to settle, the investment consultant for the plan took the case to trial—and won.
The former participant/plaintiff here (one Benjamin Reetz) claimed... Read More
BY Nevin E. Adams, JD | 10/8/2021
Another excessive fee suit has been tossed by a federal judge for failing to “assert sufficient allegations to support their claim…”
This time the defendants are the fiduciaries of Cincinnati-... Read More
BY Nevin E. Adams, JD | 10/4/2021
A federal judge has put a half dozen 401(k) excessive fee suits on hold pending a decision by the U.S. Supreme Court in a case that ”will likely clarify the pleading requirements for ERISA breach of... Read More
BY Nevin E. Adams, JD | 9/30/2021
A mammoth 401(k) plan has prevailed in an excessive fee suit, as another federal judge found plenty of factual evidence that plan fiduciaries had, in fact, made prudent decisions.
As it... Read More
BY Nevin E. Adams, JD | 9/21/2021
An excessive fee suit that made a series of allegations common to this genre—one of several targeting the Fidelity Freedom Funds—has been dismissed with prejudice by a federal judge.
Here the... Read More
BY Nevin E. Adams, JD | 9/8/2021
A federal judge explained that “in the ERISA context, a motion to dismiss is an important mechanism for weeding out meritless claims”—and took that admonition to heart in dismissing an excessive fee... Read More
BY Ted Godbout | 9/3/2021
In a legal pursuit that spanned more than 18 years, the Department of Labor has obtained a final court order concluding its case against a disbarred attorney and former plan fiduciary who gained... Read More
BY Nevin E. Adams, JD | 8/27/2021
Plaintiffs in a stock drop suit were (once again) unable to clear the “more harm than good” threshold with “fuzzy” allegations to make their case.
In the most recent case, plaintiffs John... Read More
BY Nevin E. Adams, JD | 8/26/2021
Noting that “converting subpar allegations into settlements has proven a lucrative endeavor—mostly for the lawyers bringing these lawsuits,” the U.S. Chamber of Commerce has weighed in on the surge... Read More
BY Nevin E. Adams, JD | 8/23/2021
Another multibillion-dollar plan—this one a faith-based, not-for-profit health care organization and clinical care network—finds itself in the crosshairs of a Capozzi Adler lawsuit.
Plaintiffs... Read More
BY Nevin E. Adams, JD | 8/20/2021
Plan fiduciaries have successfully fended off a suit brought by a participant upset that the plan committee removed a fund in which he was invested.
Charged in the suit (Kokoshka v. Investment... Read More
BY Nevin E. Adams, JD | 8/18/2021
The plaintiffs in a 403(b) excessive fee suit have persuaded a federal appellate court that (some of) their claims warrant a further consideration.
One of the first of the 403(b)... Read More
BY Nevin E. Adams, JD | 8/16/2021
The fiduciaries of another billion-dollar 401(k) plan have found themselves in the cross-hairs of an excessive fee suit—and the fees for the managed accounts have been called out for special scrutiny... Read More
BY Nevin E. Adams, JD | 8/13/2021
Fiduciaries of a $4 billion plan have been sued for excessive recordkeeping charges.
In this case plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (represented here by Nichols... Read More
BY Nevin E. Adams, JD | 8/12/2021
The plan is smaller than most targeted with such allegations—but the allegations are familiar.
The eight plaintiffs here (Coppel, Flores, Garcia, Martinez, Mitchell, Ortega, Uriostegui and... Read More
BY Nevin E. Adams, JD | 8/11/2021
Can a 401(k) account be accessed as restitution for embezzlement from the company that sponsors the 401(k)?
In the case at hand (United States v. Frank, 4th Cir., No. 20-6706, 8/10/21) 2007... Read More
BY Nevin E. Adams, JD | 8/9/2021
A university which prevailed on some claims in an excessive fee suit and settled others, only to have the plaintiffs try to resurrect the dismissed claims—now has some trade group support for its... Read More
BY Nevin E. Adams, JD | 8/6/2021
A federal judge has tossed a suit brought by participants in PNC Financial Services Group’s 401(k)—for failure to make their case.
The suit—brought by former participants Henrena Johnson and... Read More
BY Nevin E. Adams, JD | 8/4/2021
Noting that “continuing the litigation would have resulted in additional complex and costly proceedings,” including extensive discovery, summary judgment motions, a trial and possible appeal, which... Read More
BY Nevin E. Adams, JD | 8/2/2021
Another retirement plan cyber theft scheme has come to light—and the perpetrators sentenced.
This particular intrusion involved the Texas Employees Retirement System and the machinations of... Read More
BY Nevin E. Adams, JD | 8/2/2021
An excessive fee suit that had been dismissed—and wound up triggering a sanction (and fine) against the plaintiffs’ counsel—has once again fallen short in its appeal.
The suit—which was ... Read More
BY Nevin E. Adams, JD | 7/29/2021
The retirement goliath has sued Empower Geographics, Inc. and its president for threatening to sell the Empower.com domain to competitors “and professional cybersquatters.”
According to Bloomberg... Read More
BY Nevin E. Adams, JD | 7/28/2021
Despite a concerted effort to press for a win in court—and despite a judge’s observation that he deemed “total victory improbable, and recovery on the scale suggested by Plaintiffs highly improbable... Read More
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