It’s said that reasonable minds can differ – and that turns out to be the case in another university 401(k) suit.The plaintiffs in this case are five employees of Massachusetts Institute of... Read More
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Litigation
BY Nevin E. Adams, JD | 10/6/2017
The long-running excessive fee case of Tussey v. ABB won’t get its day before the U.S. Supreme Court – but the case has yet to reach a final conclusion.The nation’s high court has announced without... Read More
BY Nevin E. Adams, JD | 10/2/2017
Fidelity has prevailed in an excessive fee suit that took issue with the fee arrangement of an online advice program and the choices provided participants via a plan’s self-directed brokerage account... Read More
BY Nevin E. Adams, JD | 9/25/2017
Plaintiffs could have told almost from the very first sentence it wasn’t going to go well.Judge Patrick J. Schiltz described the suit as “…one of many actions in which plaintiffs’ attorneys have... Read More
BY Nevin E. Adams, JD | 9/25/2017
Another excessive fee suit has been filed against 401(k) plan fiduciaries, including allegations that part of a breach of fiduciary duty was allowing the plan’s advisor to be paid excessive... Read More
BY Nevin E. Adams, JD | 9/20/2017
Another excessive fee suit – this one involving a not-so-jumbo plan – claims that 401(k) plan fiduciaries “severely mismanaged the Plan in a myriad of ways,” notably by, in the plaintiff’s words, “... Read More
BY Ted Godbout | 9/18/2017
A federal district court judge has granted summary judgement to participant-plaintiffs in a case where plan fiduciaries failed to comply with their diversification elections in an Employee Stock... Read More
BY Nevin E. Adams, JD | 9/15/2017
A suit that claims two plans paid “approximately $1 million in excess recordkeeping fees in 2014, and again in 2015” has taken another step forward.The lawsuit filed earlier this year in the U.S.... Read More
BY Nevin E. Adams, JD | 9/12/2017
Another excessive fee suit has been filed by a small plan participant, who’s seeking to represent the interests of what she claims are similarly situated participants in 47,000 other plans.The suit (... Read More
BY Nevin E. Adams, JD | 9/11/2017
The fiduciary regulation’s anti-arbitration clause might not yet be active, and it might ultimately be moot, but as it remains on the table – well, the parties still can’t agree on a resolution,... Read More
BY Nevin E. Adams, JD | 9/7/2017
The parties in Tibble v. Edison have reached agreement on the remaining piece of the damages calculation in the long-running suit.The issue here involved 17 mutual funds that were chosen as... Read More
BY Nevin E. Adams, JD | 9/6/2017
Another university excessive fee lawsuit moved forward, though several of the plaintiffs’ claims were set aside.The suit, brought by the law firm of Schlichter, Bogard & Denton, claimed that MIT’... Read More
BY Ted Godbout | 8/28/2017
A federal district court has denied motions to dismiss claims of fiduciary breach and engaging in prohibited transactions in violation of ERISA in connection with the cancellation of a group annuity... Read More
BY Nevin E. Adams, JD | 8/23/2017
A new excessive fee suit claims that plan fiduciaries “abdicated” their responsibilities, allowing the plans’ trustee to “…to lard the Plans with high-cost mutual funds.”The most recent excessive fee... Read More
BY Nevin E. Adams, JD | 8/17/2017
Nearly a decade to the day that Glenn Tibble, William Bauer, William Izral, Henry Runowiecki, Frederik Sohadolc, and Hugh Tinman, Jr. filed their excessive fee class action known as Tibble v. Edison... Read More
BY Nevin E. Adams, JD | 8/11/2017
A plaintiff seeking class action status in a proprietary fund suit against his former employer may have hit a snag.The case is one brought by Marlon H. Cryer, individually and on behalf of a class of... Read More
BY Nevin E. Adams, JD | 8/9/2017
A stable value fund provider has managed to stave off a potential class action alleging that it earned undisclosed profits from its guaranteed investment offerings.The suit, Wood v. Prudential Ret.... Read More
BY Nevin E. Adams, JD | 8/1/2017
In an excessive fee suit brought by participants, a money manager is going to have to turn over reports about the performance, expense and profitability of the mutual funds in the company’s 401(k)... Read More
BY Ted Godbout | 7/24/2017
The 2017 NAPA DC Fly-In Forum featured a panel discussion with two leading ERISA attorneys about how they view today’s landscape of 401(k) and 403(b) plan litigation. The panel was moderated by David... Read More
BY Nevin E. Adams, JD | 7/20/2017
The surging stock market may have muted suits brought by participants regarding employer stock holdings – but a new one claims to be “about the defendants’ abject failure, as plan fiduciaries, to... Read More
BY Nevin E. Adams, JD | 7/17/2017
At this week’s NAPA DC Fly-In Forum, we’ve got a very special panel of litigators – and this week, a special chance for you to ask them questions, even if you aren’t able to join us.Morningstar has... Read More
BY Nevin E. Adams, JD | 7/11/2017
American Airlines has come to terms with participant-plaintiffs in an excessive fee lawsuit.The airline – and its former investment management subsidiary American Beacon – have agreed to a $22... Read More
BY Nevin E. Adams, JD | 7/10/2017
Another “mega” university 403(b) plan finds itself in the excessive fee crosshairs of a participant-plaintiff suit.The latest is a suit (Short v. Brown Univ., D.R.I., No. 1:17-cv-00318, complaint... Read More
BY Nevin E. Adams, JD | 7/7/2017
The Labor Department’s pullback on its support for the Best Interest Contract’s (BIC) condition restricting class-action waivers has revived another fiduciary regulation litigant’s attention.Last... Read More
BY Nevin E. Adams, JD | 7/3/2017
Another plan sponsor has been charged in an excessive fee suit – but if the allegations are familiar, the law firm bringing the suit could represent a whole new “class” of litigation.The suit (... Read More
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