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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Litigation
BY NAPA Net Staff | 11/8/2016
The National Association for Fixed Annuities is seeking an expedited review by the D.C. Circuit Court of Appeals of the ruling in its litigation challenging the Labor Department’s fiduciary... Read More
BY NAPA Net Staff | 11/7/2016
Plan fiduciaries who acted “in blatant disregard of the express terms of the plan document and of their fiduciary duties” came out on the losing end of a lawsuit. An investigation by the Labor... Read More
BY Nevin E. Adams, JD | 11/7/2016
The first federal judge to rule on litigation regarding the Labor Department’s fiduciary regulation found just about everything plaintiffs raised to be “unpersuasive.”In denying the motions of the... Read More
BY Nevin E. Adams, JD | 10/25/2016
It’s not unusual for a company whose stock has dropped to find itself embroiled in litigation – but three separate lawsuits by 401(k) plan participants? Wells Fargo has now been named in a third... Read More
BY Nevin E. Adams, JD | 10/17/2016
A Wells Fargo plan participant has filed a class action lawsuit against her former employer – the second such stock-drop lawsuit in a week, though some of the defendants – and arguments – are... Read More
BY Nevin E. Adams, JD | 10/13/2016
These days if you sponsor a 401(k) plan that has company stock in it, and it suffers a sharp decline in value, you can pretty much count on getting sued. So it should come as no surprise that Wells... Read More
BY Nevin E. Adams, JD | 10/10/2016
Stock drop lawsuits are generally about employer stock that has suffered a precipitous drop in value, and in rare cases, where participants have been deprived from keeping that investment – and then... Read More
BY Nevin E. Adams, JD | 10/6/2016
A plan sponsor prevailed in a recent stock drop case – but not for the customary reasons.In Forte v. U.S. Pension Committee, S.D.N.Y., No. 1:15-cv-04936, 9/30/16, Joseph D. Forte had filed a class... Read More
BY Nevin E. Adams, JD | 10/5/2016
The plan wasn’t very large, but a company founder is alleged to have violated ERISA’s duty to diversify by putting most of the plan’s assets in a single stock.In McClain v. Poppell, N.D. Fla., No. 3:... Read More
BY Nevin E. Adams, JD | 10/3/2016
A new lawsuit has been filed challenging the Labor Department’s fiduciary regulation’s interference with existing arbitration structures.The suit, Thrivent Financial for Lutherans v. Perez, D. Minn... Read More
BY Nevin E. Adams, JD | 9/28/2016
Participant-plaintiffs have come out losers – again – in a suit alleging that plan fiduciaries violated their duties by keeping employer securities in the plan and failing to disclose inside... Read More
BY Nevin E. Adams, JD | 9/26/2016
In class action suits, plaintiffs’ attorneys generally receive a fee whose amount is contingent on the amount of the verdict or settlement – frequently about a third.What about the excessive fee... Read More
BY Nevin E. Adams, JD | 9/15/2016
A recordkeeper has been sued for allegedly charging excessive fees as part of its advice arrangement with Financial Engines.Plaintiff Lisa Patrico, a participant in the Nestle 401(k) Savings Plan,... Read More
BY Nevin E. Adams, JD | 9/13/2016
Another major employer has been charged in an excessive fee lawsuit that not only contests the fees paid by the plan, but administrative fees paid by the plan to the plan sponsor as well.The suit... Read More
BY Nevin E. Adams, JD | 9/8/2016
A federal court has once again tossed a case involving a precipitous drop in a 401(k) employer stock because the plaintiffs failed to prove that disclosure would have cleared the “more harm than good... Read More
BY Nevin E. Adams, JD | 9/6/2016
A second, separate proprietary fund suit has been filed against a financial services firm – and a separate law firm is looking for plaintiffs to pursue litigation regarding Morgan Stanley’s 401(k).M... Read More
BY Nevin E. Adams, JD | 9/2/2016
Apparently the Texas judge presiding over the challenge to the Labor Department’s fiduciary regulation only wants so much help in considering the issues.District Judge Barbara M.G. Lynn has issued an... Read More
BY Nevin E. Adams, JD | 8/31/2016
Chevron has won dismissal of an excessive fee class action in a decision that rebukes several of the claims that have surfaced in recent litigation by the law firm of Schlichter, Bogard & Denton.... Read More
BY Nevin E. Adams, JD | 8/29/2016
A plan sponsor and its recordkeeper are facing a class action for its selection of what are alleged to be target-date funds that charged excessive fees.The plan sponsor, Safeway, and its recordkeeper... Read More
BY NAPA Net Staff | 8/29/2016
The first of the suits challenging the Labor Department’s fiduciary regulation got its day in court last week.In oral arguments before Judge Randolph Moss on the U.S. District Court for the District... Read More
BY Nevin E. Adams, JD | 8/24/2016
Once again, plan fiduciaries didn’t need a “presumption of prudence” to prevail in a stock drop lawsuit.The ruling came in a stock-drop suit (In re Pilgrim’s Pride Stock Inv. Plan ERISA Litig., E.D.... Read More
BY Nevin E. Adams, JD | 8/22/2016
The “other” law firm in the university 403(b) class action litigation has now turned its attention to 401(k)s, filing a $150 million ERISA class action against a large broker/dealer for its use of... Read More
BY Nevin E. Adams, JD | 8/22/2016
Another broker/dealer has been accused of larding its 401(k) plan menu with investment options from mutual fund families that paid hundreds of millions of dollars to the firm, despite what are... Read More
BY Nevin E. Adams, JD | 8/4/2016
Yet another excessive fee suit has been filed regarding the use of proprietary funds in a provider’s 401(k) – one fund in particular that was allegedly “larded with high fees.”This suit, Bekker v.... Read More
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