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BY Fred Barstein | 6/26/2014
While there are already plenty of reasons why companies may not want to include their own stock in their ERISA plans, the U.S. Supreme Court just gave them another. A unanimous decision by the Court... Read More
BY Fred Barstein | 6/5/2014
In a far-reaching PlanAdviser interview with 401(k) plaintiff’s attorney Jerome Schlichter, the focus was on plan fees and the duty that employers have in negotiating with third party vendors on... Read More
BY Fred Barstein | 5/28/2014
Denying MassMutual’s motion for summary judgment in the long-running Golden Star v. MassMutual class action suit brought by similarly situated plan sponsors, a federal district court in Massachusetts... Read More
BY Fred Barstein | 5/7/2014
What are the dangers of using the proprietary investments of a record keeper? Lawsuits. In fact, over the last decade or so, there have been 18 claims filed, including recent ones filed against... Read More
BY Fred Barstein | 4/15/2014
Another lawsuit involving alleged excessive fees and improper receipt of revenue sharing has been settled, pending approval by the federal district court that heard the case, FRA PlanTools reports.... Read More
BY Jenny Kiffmeyer, JD | 4/4/2014
The ERISA Advisory Council, the entity that advises the Secretary of Labor on issues of concern with respect to employee benefit plans, voted at its March 26, 2014, meeting to focus on three key... Read More
BY Fred Barstein | 4/3/2014
The U.S. Supreme Court heard oral arguments April 2 in the Fifth Third Bank stock drop case. The heart of the issue is the duty of plan fiduciaries when managing company stock as a plan investment on... Read More
BY Fred Barstein | 4/2/2014
Are plan fiduciaries which offer funds with a wide range of fees immune from excessive fee lawsuits? Until the recent 8th Circuit opinion in Tussey v. ABB, the answer seemed to be yes, as evidenced... Read More
BY Fred Barstein | 3/31/2014
New York Times business columnist Gretchen Morgenson gave a shout out March 30 to attorney Jerome Schlichter for his work in lowering 401(k) plan fees. Over the past eight years, Schlichter’s... Read More
BY Fred Barstein | 3/26/2014
Judging by his State of the Union address, retirement issues are front and center for President Obama. Increasingly, state governments are following suit, with at least 16 of them now considering... Read More
BY Fred Barstein | 3/20/2014
In a decision that exonerates Fidelity from liability, the 8th U.S. Circuit Court of Appeals upheld parts of a lower court’s ruling in Tussey v. ABB but reversed other parts — including the $13.5... Read More
BY Fred Barstein | 3/3/2014
Last week, a federal court in the Southern District of New York dismissed a proposed class action lawsuit by a 401(k) plan sponsor against Morgan Stanley acting as the plan’s broker. At the heart of... Read More
BY Fred Barstein | 12/23/2013
Perhaps portending a trend in stock drop cases, Regions Financial agreed to pay $22.5 million to settle a lawsuit by their employees over company stock and bond funds offered by a subsidiary.... Read More
BY Fred Barstein | 12/17/2013
The U.S. Supreme Court declined to hear an appeal of a 7th U.S. Circuit Court of Appeals decision to allow class action status by Lockheed 401(k) participants. The plaintiffs, who were represented by... Read More
BY Fred Barstein | 12/16/2013
As expected, the U.S. Supreme Court has accepted the Fifth Third Bancorp case involving a stock drop claim. In a September 2012 ruling, the 6th U.S. Circuit Court of Appeals revived a class action... Read More
BY Fred Barstein | 12/3/2013
Last week, the 7th U.S. Circuit Court of Appeals rejected Boeing’s request to appeal a lower court’s order granting class certification to Boeing’s participants in the Spano v. Boeing case. Boeing... Read More
BY Fred Barstein | 11/26/2013
Seeking to resolve an issue that one legal expert claims has been festering for 20 years, the Solicitor General has asked the U.S. Supreme Court to take up a stock drop case in hopes of resolving a... Read More
BY Fred Barstein | 11/18/2013
A new poll of more than 2,500 advisors conducted by the Financial Services Institute shows a clear and growing sentiment against the DOL’s proposed redefinition of fiduciary initiative. More than 90... Read More
BY Fred Barstein | 11/14/2013
At SIFMA’s annual meeting this week, SEC Chair Mary Jo White declined to specify a clear timeline for when her agency would release the much-anticipated uniform fiduciary rule. However, she... Read More
BY NAPA Net Staff | 10/31/2013
By Mike BushnellWhile calling it her office’s “highest priority” and saying it was near completion, Assistant U.S. Secretary of Labor Phyllis Borzi declined to say on Tuesday exactly when her agency... Read More
BY Fred Barstein | 10/17/2013
The $35 million settlement brought by the Schlichter law firm in the Nolte v. Cigna case was officially approved by a federal court in Illinois earlier this week. The move follows a recent $30... Read More
BY Fred Barstein | 10/2/2013
The Beesly v. International Papers lawsuit — whose plaintiffs were represented by Jerry Schlichter’s law firm — has been settled for $30 million. The same judge who recently ruled on the Spano v.... Read More
BY Fred Barstein | 9/23/2013
Attorney (and FRA/PlanTools blogger) Thomas Clark reports a major victory for plaintiffs in Spano v. Boeing Co., one of the original 401(k) excessive fee cases filed in 2006 by Jerome Schlichter. The... Read More
BY Fred Barstein | 9/16/2013
According to the benefits consulting firm Schneider Downs, the EBSA’s Office of Chief Accountant will be looking into the professional standards and compliance work of 400 ERISA auditors. Letters are... Read More
BY Fred Barstein | 8/13/2013
A federal district court in Connecticut ruled that the DC plan administrator is a fiduciary related to its revenue sharing practices regarding funds in a group annuity it manages. As part of the... Read More