A new excessive fee suit targets, among the usual “suspects,” what plaintiffs allege are “the obscenely high-fee, chronically underperforming GoalMaker funds…”
The plaintiffs in this case are... Read More
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Litigation
BY Nevin E. Adams, JD | 7/23/2021
A federal judge has denied a request to hold off proceedings in an excessive fee suit pending the Supreme Court’s review of a case that the fiduciary defendants say could impact the burden of proof... Read More
BY Nevin E. Adams, JD | 7/22/2021
A participant-plaintiff has had her excessive fee/imprudent investment claims dismissed—for an interesting reason.
The plaintiff in this case (Lange v. Infinity Healthcare Physicians, SC, W.D. Wis... Read More
BY Nevin E. Adams, JD | 7/20/2021
(Another) group of participants in (another) multibillion-dollar 401(k) plan have sued plan fiduciaries for their decision to rely on fund options managed by their employer.
The plaintiffs in this... Read More
BY Michael P. Barry | 7/20/2021
While Hughes involves 403(b) plans, the issues in it are effectively identical to those in the 401(k) fee litigation that has plagued our industry for nearly two decades.
On July 2, 2021... Read More
BY Nevin E. Adams, JD | 7/16/2021
On what is very nearly the one-year anniversary of its filing, the parties in an excessive fee suit have come to terms.
The suit itself (Kinder v. Koch Indus. Inc., N.D. Ga., No. 1:20-cv-02973-MHC... Read More
BY Nevin E. Adams, JD | 7/15/2021
The suit—brought by a $3 million plan on behalf of the 47,000 plans Voya services—has been dropped.
Specifically, in a “stipulation for dismissal with prejudice” submitted to the U.S. District... Read More
BY Nevin E. Adams, JD | 7/9/2021
After a split decision on the merits—and a $3.1 million settlement—the plaintiffs’ attorneys asked for a fee of $5.4 million. Guess what the judge allowed?
In the case at hand—Ramos v. Banner... Read More
BY Nevin E. Adams, JD | 7/8/2021
An excessive fee suit filed by a litigator new to the ERISA space makes a series of new, sweeping allegations (including the plan’s advisor and auditor) alongside some familiar challenges.
Indeed... Read More
BY Nevin E. Adams, JD | 7/6/2021
The nation’s highest court has agreed to hear a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation.
The district court ... Read More
BY Nevin E. Adams, JD | 6/24/2021
Transamerica has now settled another suit brought by participants who had alleged a breach of fiduciary duty in retaining proprietary funds in its own 401(k).
Specifically, in a suit filed by... Read More
BY NAPA Net Staff | 6/17/2021
The U.S. Department of Justice has filed a civil antitrust lawsuit to block a merger than it says “threatens to eliminate competition, raise prices, and reduce innovation for American businesses,... Read More
BY Nevin E. Adams, JD | 6/16/2021
The plaintiffs—who won at least a partial victory in an excessive fee case—but came up short on damages—appealed that decision—and lost again. Oh, and guess who their persistent lawyers were?
In... Read More
BY Nevin E. Adams, JD | 6/9/2021
One of the most active ERISA litigation firms has now turned its attention to a mammoth 403(b) plan.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454,... Read More
BY Nevin E. Adams, JD | 6/4/2021
Last fall the nation’s highest court sought the federal government’s input on a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation... Read More
BY Nevin E. Adams, JD | 6/3/2021
Another proprietary fund suit has been settled—for money, and procedural changes in plan administration.
The defendant in this case is John Hancock, which was sued by plaintiff Jennifer... Read More
BY Nevin E. Adams, JD | 6/2/2021
The terms of an excessive fee settlement have come to light—and there’s a (relatively) unique twist.
The suit was filed nearly two years ago against the plan fiduciaries of the $5.2... Read More
BY Nevin E. Adams, JD | 5/27/2021
A new excessive fee suit—one with some familiar themes, but also some unique arguments—claims that plan fiduciaries used participants as a “captive investor base to effectuate…self-serving business... Read More
BY Nevin E. Adams, JD | 5/26/2021
The plaintiffs in the case note that, despite a meticulous detailing of the program, the analysis applied by the appellate court “comes to the wrong conclusion for several reasons, all of which are... Read More
BY Nevin E. Adams, JD | 5/24/2021
A plan fiduciary—and their outsourced investment consultant—are being sued for a “self-serving” fund swap that is alleged to have cost participants more than $100 million to date.
This time it’s... Read More
BY Nevin E. Adams, JD | 5/24/2021
The law firm of Schlichter Bogard & Denton has announced the terms of another settlement of a 403(b) excessive fee case.
According to a press release by the St, Louis-based law firm, it has... Read More
BY Nevin E. Adams, JD | 5/20/2021
A class action involving a $1.6 billion 401(k) plan has been fast-tracked to the U.S. Court of Appeals for the Third Circuit for a ruling on an issue of emerging concern in ERISA excessive fee... Read More
BY Nevin E. Adams, JD | 5/18/2021
One of the most active ERISA litigation firms has, once again, targeted one of the nation’s largest 401(k) plans.
This time the firm is representing Kena Moore, Timothy K. Sweeney, Russell A.... Read More
BY Nevin E. Adams, JD | 5/17/2021
It’s said that, if at first you don’t succeed, try, try again… and so the plaintiffs in a 401(k) excessive fee suit, rebuffed twice by the district court, plan to appeal the latest decision to a... Read More
BY Nevin E. Adams, JD | 5/13/2021
The fiduciary defendants in a 403(b) university excessive fee suit say the plaintiffs have not only failed to make their case—but that they’ve taken actions in their own account(s) that undermine... Read More
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