The Labor Department says a federal judge mis-instructed the jury on the burden of proof in an excessive fee suit—and wants them to get another hearing.
The suit against Yale University was one of... Read More
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Litigation
BY Nevin E. Adams, JD | 12/18/2023
BY Nevin E. Adams, JD | 12/18/2023
Fiduciary defendants have moved to dismiss (with prejudice) a 401(k) suit that alleged a fiduciary breach in the use of forfeitures to offset company contributions saying, among other things, that... Read More
BY Nevin E. Adams, JD | 12/14/2023
Fiduciaries of a relatively small 401(k) plan have fended off an excessive fee suit with a federal judge finding no “meaningful benchmark” against which to assess a fiduciary violation.
The Suit... Read More
BY Nevin E. Adams, JD | 12/11/2023
After years of hard-fought litigation, the parties in an excessive fee suit have come to terms—including cash and “other non-monetary relief.”
Participant-plaintiffs Jillyn Peterson, Gabe Hare,... Read More
BY Nevin E. Adams, JD | 12/6/2023
The fiduciary defendants of a $4.3 billion 401(k) plan have prevailed in their revised motion to dismiss a fiduciary breach suit involving the selection and retention of a suite of target date funds... Read More
BY Nevin E. Adams, JD | 12/4/2023
Yet another multi-billion dollar 401(k) plan finds itself in the cross-hairs of the plaintiffs’ bar.
The suit—brought by participant-plaintiffs Randall W. Ruebel, Mario Hudson, and Tammy L.... Read More
BY Nevin E. Adams, JD | 11/29/2023
The parties in an excessive fee suit have come to terms—on at least one aspect of the litigation, though the bulk remains to be appealed.
The suit in question involves Genentech’s $7.6 billion (33... Read More
BY NAPA Net Staff | 11/22/2023
At the 2023 NAPA/NTSA ERISA 403(b) conference, Nevin & Fred went LIVE to focus on the differences in SECURE 2.0 for 403(b) and 401(k) plans—with a special guest. And then the focus turned to... Read More
BY Nevin E. Adams, JD | 11/22/2023
The parties in a suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” have come to... Read More
BY Nevin E. Adams, JD | 11/20/2023
A recent appellate court ruling that upheld a district court’s rejection of expert witness testimony has been raised as a defense in an excessive fee suit.
The suit in question involved the... Read More
BY Nevin E. Adams, JD | 11/15/2023
Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm.
The most recent case[i] involved Cornell University, which had already... Read More
BY Nevin E. Adams, JD | 11/14/2023
As a number of similar suits have failed to gain traction in federal court, the participant-plaintiff in one of those suits has dropped his suit.
The notice of voluntary dismissal (Anderson v.... Read More
BY Nevin E. Adams, JD | 11/13/2023
The telecommunications giant’s motion to have a controversial appellate court decision reconsidered by the full court has been rejected.
In petitioning for a rehearing of the appellate court’s... Read More
BY Nevin E. Adams, JD | 11/10/2023
A plan sponsor and plan committee have filed suit, alleging that an advisory firm swindled $1.5 million from a 401(k) plan.
In this case those plan fiduciaries—United Airlines, Inc., United... Read More
BY Nevin E. Adams, JD | 11/7/2023
Another multi-billion-dollar 401(k) plan finds itself in the crosshairs of an excessive fee suit.
This time it was participant-plaintiffs Shauna Winkelman, Michael Lenon, Scott Cenna, Kalea Nixon... Read More
BY Nevin E. Adams, JD | 11/6/2023
A federal appellate court has determined that a lower court “abused its discretion” in assessing a $1.5 million sanction against the Schlichter Bogard law firm.
The Suit
The suit—which was... Read More
BY David Levine, JD | 11/2/2023
An advisor is well served to evaluate how they can provide support for the unique health plan ecosystem.
I live in Washington, D.C. It’s well known that Washington can be an echo chamber, where... Read More
BY Bonnie Treichel, JD, and Nevin E. Adams, JD | 11/2/2023
Employee Retirement Income Security Act (“ERISA”) litigation continues at a rapid pace and with massive settlement numbers. Most recently, General Electric agreed to pay a settlement of $61 million (... Read More
BY Nevin E. Adams, JD | 10/26/2023
A group of 26 “red state” attorneys general has filed a notice of their appeal of a federal court’s judgement rejecting their challenge to the Labor Department’s ESG rule.
The notice of appeal (... Read More
BY Nevin E. Adams, JD | 10/20/2023
Two more suits in two different California federal district courts have just challenged the use of plan forfeitures to offset company contributions as not being in the best interests of plan... Read More
BY Nevin E. Adams, JD | 10/12/2023
The nation’s highest court has decided not to decide the applicability of an arbitration clause in fending off an ERISA suit.
The case that had been appealed to the United States Supreme Court was... Read More
BY Nevin E. Adams, JD | 10/10/2023
The parties in a suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” have come to... Read More
BY Nevin E. Adams, JD | 10/9/2023
In what is said to be “the largest ever in an ERISA case alleging a retirement plan improperly offered proprietary funds,” the parties have struck a settlement.
The suit—filed back in 2017—was... Read More
BY Nevin E. Adams, JD | 10/6/2023
For the second time in a month, a law firm has brought suit challenging the use of forfeitures in a 401(k) plan.
The lawyers are from Hayes Pawlenko LLP, a South Pasadena, CA-based duo (who met in... Read More
BY Robert Richter | 10/5/2023
Many (if not most) defined contribution plan documents provide that the plan administrator may use forfeitures to reduce contributions, pay plan expenses, or allocate to participants as additional... Read More
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