A new lawsuit challenges not only the use of allegedly more expensive proprietary funds, but with no longer offering a stable value fund, and of being negligent in its deployment of a self-directed... Read More
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Litigation
BY Nevin E. Adams, JD | 1/19/2017
A provider charged with loading up its own plan with proprietary funds has lost its bid for an early dismissal of the case.The case, Cryer v. Franklin Resources, Inc. (N.D. Cal., No. 4:16-cv-04265-CW... Read More
BY Nevin E. Adams, JD | 1/10/2017
You’re aware of the personal liability that comes with being an ERISA fiduciary. Apparently satisfying that liability can include your Lexus – both of them.That at least turned out to be the court... Read More
BY Nevin E. Adams, JD | 1/10/2017
Plaintiffs have frequently come up short in taking plan fiduciaries to court over company stock investments – but sometimes they choose to settle instead.That’s what happened in the case of Ramirez v... Read More
BY Nevin E. Adams, JD | 1/6/2017
A federal judge has dismissed a series of charges against Prudential, an employer, and the plan’s advisor regarding the plan’s use of revenue-sharing, allegedly excessive fees and pay-to-play... Read More
BY Nevin E. Adams, JD | 1/4/2017
Lacking “special circumstances,” another company stock-based lawsuit has been dismissed.The most recent was an appeal brought in the U.S. Court of Appeals for the District of Columbia Circuit (Coburn... Read More
BY Nevin E. Adams, JD | 1/3/2017
A new excessive fee lawsuit claims that plan fiduciaries caused plans to “pay excessive fees” and failed to “monitor and control the Plans’ escalating costs,” resulting in millions of dollars of... Read More
BY Nevin E. Adams, JD | 12/22/2016
A new excessive fee lawsuit challenges the use of revenue-sharing, a bloated fund menu with duplicative funds, and a failure of plan fiduciaries to leverage the plan’s size to get a better deal. The... Read More
BY Nevin E. Adams, JD | 12/21/2016
Another billion-dollar plan finds itself in the crosshairs of an excessive fee lawsuit, raising some allegations common to this litigation – with a couple of new twists.The suit, Creamer v. Starwood... Read More
BY Nevin E. Adams, JD | 12/19/2016
The plaintiffs in the only excessive fee suit to reach the Supreme Court will get another chance to make their case.The 9th U.S. Circuit Court of Appeals in San Francisco has now ordered a U.S.... Read More
BY Nevin E. Adams, JD | 12/16/2016
The National Association for Fixed Annuities has gotten a response to its request for an injunction pending appeal.In a short – some might say terse – response, the U.S. Court of Appeals for the D.C... Read More
BY Nevin E. Adams, JD | 12/15/2016
A federal judge granted class action status in two very different lawsuits yesterday, though both involved challenges to actions regarding 401(k) plan investments.The first of the lawsuits,... Read More
BY Nevin E. Adams, JD | 12/12/2016
The parties in a 401(k) lawsuit regarding lack of access to a stable value fund came to terms – but the federal judge reviewing the $8.8 million settlement doesn’t think it’s enough.The lawsuit filed... Read More
BY Nevin E. Adams, JD | 12/8/2016
Another plan sponsor has been sued for continuing to permit investment in company stock.Exxon Mobil Corp. is the latest plan sponsor to be sued for knowing that its stock was overvalued, and not only... Read More
BY Nevin E. Adams, JD | 12/7/2016
A handful of recent lawsuits have named, but not charged, Financial Engines in alleged “pay-to-play” arrangements with providers. That could be getting ready to change.Keller Rohrback L.L.P. now says... Read More
BY Nevin E. Adams, JD | 12/1/2016
Knocked down twice by the D.C. District Court, the National Association for Fixed Annuities has filed an emergency motion asking the U.S. Court of Appeals for the D.C. Circuit to halt the rule while... Read More
BY Nevin E. Adams, JD | 11/30/2016
An order to show cause bodes well for a stable value provider accused of collecting “millions of dollars annually in undisclosed compensation.” The Charges Not quite a year ago, a class action... Read More
BY Nevin E. Adams, JD | 11/30/2016
An order to show cause bodes well for a stable value provider accused of collecting “millions of dollars annually in undisclosed compensation.” The Charges Not quite a year ago, a class action was... Read More
BY Nevin E. Adams, JD | 11/29/2016
A second federal court has weighed in on the legal challenges presented to the Labor Department’s fiduciary rule.In a 63-page ruling, Judge Daniel Crabtree of the U.S. District Court for the District... Read More
BY Nevin E. Adams, JD | 11/28/2016
Though acknowledging that the fiduciary rule is likely to cause “significant changes” in how the industry operates, along with “substantial compliance costs,” and “economic losses,” the federal judge... Read More
BY Nevin E. Adams, JD | 11/23/2016
Yet another suit has been filed by 401(k) plan participants alleging that a plan kept an imprudent and relatively high cost mutual fund in the plan in violation of the plan’s diversification... Read More
BY Nevin E. Adams, JD | 11/21/2016
A federal judge has dismissed a class action that sought to hold plan fiduciaries liable for keeping a mutual fund in the plan in violation of the plan’s diversification requirements.The plaintiffs... Read More
BY Nevin E. Adams, JD | 11/21/2016
The Labor Department’s fiduciary rule got another day in court last week – and with at least a sense that it might not fare as well this time around.An edited assessment of the event by Erin Sweeney... Read More
BY Nevin E. Adams, JD | 11/15/2016
Edward Jones has found itself the target of a second 401(k) participant suit which alleges that the brokerage firm’s plan fiduciaries breached their duties in a number of ways.The suit, filed in the... Read More
BY Nevin E. Adams, JD | 11/11/2016
A new lawsuit claims that a recordkeeper forced Financial Engines to charge excessive fees that were, in turn, rebated back to the recordkeeper.The suit (Chendes v. Xerox HR Sols. LLC, E.D. Mich., No... Read More
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