While a number of recent excessive fee suits have challenged the lack of a stable value offering, a new suit is challenging the fees charged by a stable value fund provider.In this case, a... Read More
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Litigation
BY Nevin E. Adams, JD | 8/1/2016
Another 401(k) participant has filed suit against his employer for having “made a fortune off of the Plan’s investments in Proprietary Funds.”This one, brought by a single plan participant, but... Read More
BY Nevin E. Adams, JD | 7/26/2016
Asserting its claim for summary judgement in the fiduciary rule litigation, one set of plaintiffs says that the Labor Department is counting on the sheer complexity of the issues to prevail in court.... Read More
BY Nevin E. Adams, JD | 7/26/2016
As the dates for oral arguments approach, another set of plaintiffs have made their case for a quick summary judgement decision in their favor.The latest filing, on behalf of the American Council of... Read More
BY Nevin E. Adams, JD | 7/25/2016
The plaintiffs in the first lawsuit filed challenging the Labor Department’s fiduciary regulation take an aggressive stance in their motion for summary judgement.The 52-page filing starts (once the... Read More
BY Nevin E. Adams, JD | 7/21/2016
Another provider has been sued for including its own fund in the plan lineup – this time as the plan’s default investment option.Two New York Life employees who are plan participants have filed a... Read More
BY Nevin E. Adams, JD | 7/20/2016
A participant in a $25 million plan has sued his employer for what the suit calls “excessive and imprudent” investment fees and options.The lawsuit, filed in the U.S. District Court for the Southern... Read More
BY Nevin E. Adams, JD | 7/20/2016
What’s worse than one class action lawsuit alleging a fiduciary breach?Why, a second lawsuit, of course – this one alleging that plan fiduciaries failed to fulfill their fiduciary obligations under... Read More
BY Nevin E. Adams, JD | 7/20/2016
A federal court has ruled that ESOP participants have to sit on their stock for at least three more years.The decision, by the U.S. District Court for the Western District of Kentucky, backed an... Read More
BY Nevin E. Adams, JD | 7/15/2016
Recent stock market highs may have stemmed the tide of the so-called “stock drop” suits – but past performance has arisen as an issue in a new lawsuit.In this case – involving Target Corporation –... Read More
BY Nevin E. Adams, JD | 7/13/2016
The Labor Department has filed a response to one of the litigation challenges to the fiduciary regulation – and gotten a court date in another.District Judge Barbara M.G. Lynn agreed last month to... Read More
BY Nevin E. Adams, JD | 7/8/2016
While one plaintiff’s law firm had been looking for “potential violations” of ERISA in failing to remove a specific mutual fund from the plan menu – another one has apparently found them. Or at least... Read More
BY Nevin E. Adams, JD | 7/6/2016
A plan sponsor and their financial advisor have been charged with “designing and administering one of the most expensive large 401(k) plans in the country,” including the use of a set of custom... Read More
BY Nevin E. Adams, JD | 7/5/2016
Yet another financial services provider finds itself accused of financial self-dealing in the operation of its 401(k) plan.The most recent suit, brought in the United States District Court for the... Read More
BY Nevin E. Adams, JD | 6/30/2016
A recent excessive fee lawsuit has been withdrawn before the defendants could even respond.Less than a month after filing, plaintiffs in the case of Damberg v. LaMettry’s Collision, Inc., D. Minn.,... Read More
BY NAPA Net Staff | 6/29/2016
Another 401(k) provider has come to terms with participants of its own plan who alleged fiduciary obligations were violated by putting relatively high-fee in-house investment funds on the plan menu.... Read More
BY NAPA Net Staff | 6/24/2016
A federal judge has held a former plan participant liable as a plan fiduciary for failing to return overpayments from her former retirement plan.In this case, the United States District Court for the... Read More
BY Nevin E. Adams, JD | 6/21/2016
The three lawsuits filed against the Labor Department’s fiduciary regulation in the Northern District of Texas could be coming together.The Labor Department has filed an “unopposed motion to... Read More
BY Nevin E. Adams, JD | 6/21/2016
Last week another of the so-called excessive fee lawsuits was settled – not adjudicated, mind you. Here are some factors that the targets of these lawsuits seem to have in common.Now, in fairness,... Read More
BY Nevin E. Adams, JD | 6/20/2016
Another retirement plan services provider has come to terms with participants in its own retirement plan.MassMutual has agreed to a settlement of $30,900,000 that will be used to pay the participants... Read More
BY Nevin E. Adams, JD | 6/10/2016
Two more lawsuits have been filed charging the Labor Department’s fiduciary regulation with a host of “sins” and shortcomings.One was filed by the Indexed Annuity Leadership Council (IALC), an... Read More
BY Nevin E. Adams, JD | 6/3/2016
Less than 24 hours after the filing of litigation challenging the Labor Department’s fiduciary regulation, a second lawsuit was filed June 2.This one, filed in the U.S. District Court for the... Read More
BY Nevin E. Adams, JD | 5/26/2016
A recent Supreme Court case that didn’t have anything to do with ERISA is already having an impact on ERISA litigation — and could have more in the years to come.At issue is what kind of harm must be... Read More
BY Nevin E. Adams, JD | 5/24/2016
A new excessive fee lawsuit challenges the fee arrangement of an online advice program, and the choices provided participants via a plan’s self-directed brokerage account.The suit was brought by... Read More
BY Nevin E. Adams, JD | 5/23/2016
Participants in the 401(k) of an auto body repair shop may represent the smallest plan yet to file an excessive fee lawsuit.Over the past decade, the vast majority of the so-called “excessive fee”... Read More
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