The U.S. Supreme Court may have acknowledged an ongoing fiduciary duty to monitor plan investments, but you have to raise the issue if you want to win in court.That was the ruling in the most recent... Read More
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Litigation
BY NAPA Net Staff | 4/5/2016
Attorneys at Seattle-based ERISA litigators Keller Rohrback L.L.P. say they are investigating losses to employees’ retirement savings plans with investments in certain collective trusts. According to... Read More
BY Nevin E. Adams, JD | 3/31/2016
A federal district court has approved a preliminary settlement in one of the cases cited most often in employer stock litigation. You could think of it as a “Six Million Dollar ‘mien.’”The settlement... Read More
BY Nevin E. Adams, JD | 3/30/2016
A suit alleging that a provider presented plan trustees with an imprudently expensive fund menu overweighted with proprietary choices has been dismissed.The plaintiff in this case — Craig M. Walker,... Read More
BY NAPA Net Staff | 3/28/2016
It’s not yet litigation, but a legal investigation could be laying the groundwork for a different twist on ERISA litigation.While the New York-based law firm of Zamansky LLC has described it as an... Read More
BY Nevin E. Adams, JD | 3/23/2016
Another stock drop case got another hearing after the dismissal of the so-called presumption of prudence rule. Guess what happened?It was supposed to be a game-changer – Supreme Court’s 2014 ruling... Read More
BY Nevin E. Adams, JD | 3/21/2016
A recent ruling reminds us of the importance of ensuring that plan beneficiary designations are up to date — and that plans should have a documented procedure for how such changes are to take place.... Read More
BY Nevin E. Adams, JD | 3/17/2016
A new excessive fee class action has been brought against a large retirement services provider for breaching its fiduciary duties under ERISA by “engaging in expensive duplicative mailings to... Read More
BY Nevin E. Adams, JD | 3/1/2016
Does a participant who made an early retirement decision based on a plan administrator’s errant benefit projection have a cause of action? Well, as a recent decision details, it can depend on what... Read More
BY Nevin E. Adams, JD | 2/23/2016
A number of recent stock-drop lawsuits filed against retirement plans have challenged the prudence of continuing to hold company stock – but a federal district court has found that continuing to do... Read More
BY Nevin E. Adams, JD | 2/22/2016
The latest twist in 401(k) litigation challenges a plan’s decision to offer a money market option, rather than one with stable value’s higher returns.The lawsuit, filed last week by St. Louis-based... Read More
BY David Levine, JD | 2/17/2016
Every time I see an alert about a new ERISA lawsuit, I have a Pavlovian response. I immediately pull up the complaint, check which plaintiffs’ firm filed the suit, and dig in to read. This routine... Read More
BY Nevin E. Adams, JD | 2/16/2016
When is half a million in legal fees a bad day for a law firm?
When you’ve billed for more than $1 million, and the judge cuts it back to $567,000.
That’s what happened in an ERISA case that... Read More
BY Nevin E. Adams, JD | 2/12/2016
There’s more 401(k) litigation afoot — this time over fees on stable value funds.A class action was filed Jan. 29 by a participant in the Arthur J. Gallagher... Read More
BY Nevin E. Adams, JD | 1/26/2016
Washington may have been snowbound, but the U.S. Supreme Court managed to remand two ERISA cases back to the appellate courts.Amgen v. Harris In the first case, though it has previously rejected a “... Read More
BY Nevin E. Adams, JD | 1/26/2016
Another excess fee lawsuit has been filed — this one alleging excess record keeping fees, imprudent investment selections and at least a hint of undue influence in the selection of the provider.The... Read More
BY Nevin E. Adams, JD | 1/25/2016
A recent Supreme Court ruling may have implications for retirement plan overpayment recoveries.Now, the payments made in the case of Robert Montanile v. Board of Trustees of the National Elevator... Read More
BY Nevin E. Adams, JD | 1/20/2016
Another week, another revenue-sharing lawsuit — this one seeking class-action status against a provider for revenue sharing payments that it claims “bear absolutely no relationship to the cost or... Read More
BY Nevin E. Adams, JD | 1/12/2016
Another stock drop lawsuit has been dismissed for the second time, finding no need for a presumption of prudence to justify keeping employer stock in the plan. This time it was JPMorgan Chase... Read More
BY Nevin E. Adams, JD | 1/12/2016
As time ran out on 2015, another of the so-called “excessive fee” lawsuits raised eyebrows throughout the retirement industry.As has been the case in most of these, the entity being sued was a large... Read More
BY Nevin E. Adams, JD | 1/11/2016
To date, most of the excessive fee cases of note have been participants seeking redress from plan fiduciaries, but a recent case features a plan sponsor against their provider.The ruling, by the U.S... Read More
BY Nevin E. Adams, JD | 1/6/2016
A class action filing charges not only that a plan sponsor violated its fiduciary duty by not choosing lower-priced share classes of mutual funds, but that they cost participants millions by not... Read More
BY David Levine, JD | 1/5/2016
Last year brought us new class action lawsuits on a number of fronts: proprietary funds, stable value funds and more. What does 2016 hold? The answer: Probably more of the same, with creative new... Read More
BY NAPA Net Staff | 12/29/2015
Another excessive fee lawsuit has been filed by the law firm of Schlichter, Bogard... Read More
BY Nevin E. Adams, JD | 12/21/2015
The court in Tussey v. ABB Inc. has awarded attorney fees roughly equal to the total damages assessed in the excessive fee case — but it won’t come close to covering their costs.According to an... Read More
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