Plan fiduciaries have prevailed on appeal – as they did at the district court level – against charges that they violated their fiduciary duties under ERISA by continuing to allow employer stock as an... Read More
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Litigation
BY Nevin E. Adams, JD | 1/30/2018
Yet another 401(k) provider and investment manager has been sued by one of its own participants for breaching its fiduciary duties to the plan – and while the claims are familiar, the venue is... Read More
BY Nevin E. Adams, JD | 1/26/2018
Capital Group has prevailed in an excessive fee suit brought by a participant in the money manager’s 401(k) plan, with the judge noting that “fiduciaries need not choose the cheapest fees available... Read More
BY Nevin E. Adams, JD | 1/24/2018
A new excessive fee suit has been filed – this time against a hospital’s retirement plan – and from a different direction.The suit (Disselkamp v. Norton Healthcare, Inc., W.D. Ky., No. 3:18-cv-00048... Read More
BY Nevin E. Adams, JD | 1/24/2018
A plan participant wasn’t forced to arbitrate an excessive fee claim against his former employer.In the most recent case (Dorman v. Charles Schwab & Co., N.D. Cal., No. 4:17-cv-00285-CW, order... Read More
BY Nevin E. Adams, JD | 1/19/2018
An amended claim in an excessive fee litigation treads some new ground – including naming the plan’s investment advisor as a defendant.New York University was the target of one of the first of the... Read More
BY Nevin E. Adams, JD | 1/17/2018
If at first you don’t succeed, try, try again – and the plaintiffs in an excessive fee suit have done just that.The suit, Daugherty v. The University of Chicago, was filed in May, seeking class... Read More
BY Nevin E. Adams, JD | 1/12/2018
Plan fiduciaries have once again prevailed in a suit challenging the presence of company stock in a 401(k) plan.Plaintiffs-appellants Mike Laffen, Karyn Lustig Keelan and Paul Higgins had filed the... Read More
BY Nevin E. Adams, JD | 12/29/2017
The parties in an excessive fee suit involving proprietary funds have come to terms on a settlement agreement.The suit, filed in October 2015 in U.S. District Court in Santa Ana, CA, by plaintiffs... Read More
BY Nevin E. Adams, JD | 12/27/2017
Great-West has staved off an excessive fee suit regarding its management of a guaranteed investment contract in a 401(k) plan.The suit was filed in 2015 by plaintiff John Teets, a participant in the... Read More
BY Nevin E. Adams, JD | 12/19/2017
Finding disagreement on the calculation of damages – and disagreeing with the assumptions presented – in the long-running excessive fee case of Tussey v. ABB, a federal court judge has directed the... Read More
BY Nevin E. Adams, JD | 12/18/2017
Participant-plaintiffs have had their excessive fee claims against Delta Air Lines rejected in federal court.The case, Johnson v. Delta Air Lines, Inc. (N.D. Ga., No. 1:17-cv-02608-TCB, order... Read More
BY Nevin E. Adams, JD | 12/11/2017
The parties have come to terms in a suit involving what was claimed to be one of the most expensive plans in America.The unopposed motion for preliminary approval of a class action settlement... Read More
BY Nevin E. Adams, JD | 12/6/2017
An alleged “built-in” flaw in fund design has drawn a fiduciary breach suit by a plan participant.The suit (Birse v. CenturyLink, Inc., D. Colo., No. 1:17-cv-02872, complaint filed 11/30/17) was... Read More
BY Nevin E. Adams, JD | 12/4/2017
A new excessive fee lawsuit treads familiar ground, but comes from a new direction, and takes on the practices of a multi-employer defined contribution retirement plan for union members.The suit (... Read More
BY Nevin E. Adams, JD | 11/21/2017
Wells Fargo – one of the few providers to date to prevail in a proprietary fund suit – once again finds itself in the litigation crosshairs.The lawsuit (Wayman v. Wells Fargo & Co., D. Minn., No... Read More
BY Ted Godbout | 11/20/2017
If at first you don’t succeed, try, try again seems to be the motto used in a new class action lawsuit filed against New York University alleging breach of fiduciary duties for excessive plan fees in... Read More
BY Nevin E. Adams, JD | 11/17/2017
The National Association for Fixed Annuities hasn’t had much success thus far in its litigation challenging the Labor Department’s fiduciary regulation – until now.NAFA’s “win” was persuading the... Read More
BY Ted Godbout | 11/10/2017
Another large company has been sued for alleged fiduciary breach claims over excessively high fees in the company’s 401(k) plan.Plaintiff Megan McCorvey has filed a class action complaint against... Read More
BY Ted Godbout | 11/9/2017
The parties in a long-running legal battle have agreed to settle a fiduciary breach suit involving the underlying investments in a stable value fund.As part of the settlement (In re J.P. Morgan... Read More
BY Nevin E. Adams, JD | 11/1/2017
Acknowledging the “exceptional result” achieved by the law firm of Schlichter Bogard & Denton in an excessive fee litigation involving Northrop Grumman, a federal judge has approved the fees in... Read More
BY Nevin E. Adams, JD | 10/25/2017
Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York has reduced the fee requested in an excessive fee case.The settlement (Richards-Donald v. Teachers Ins. &... Read More
BY Nevin E. Adams, JD | 10/18/2017
It’s taken more than a decade to get there, but the parties in the case of Tibble v. Edison have agreed upon a fee for the plaintiff’s attorneys in the case.The recommendation of the parties to the... Read More
BY Ted Godbout | 10/17/2017
Is stock in a former parent company entitled to the considerations afforded employer stock in the defined contribution plan of a spinoff?The plaintiffs in a recent class action lawsuit argue that it... Read More
BY Ted Godbout | 10/12/2017
The 2nd U.S. Circuit Court of Appeals has affirmed a lower court’s ruling dismissing prohibited transaction and fiduciary breach claims against Prudential over the use of revenue sharing, allegedly... Read More
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