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
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Litigation
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
BY NAPA Net Staff | 12/18/2015
A new lawsuit claims that that an “unduly conservative” investment strategy combined with allegedly excessive fees resulted in an ERISA fiduciary violation.The complaint accuses Fidelity Management... Read More
BY NAPA Net Staff | 12/16/2015
A plan fiduciary didn’t need a presumption of prudence to prevail in a company stock suit – but they did need a prudent process.A recent decision by the Sixth Circuit affirmed the judgment of the... Read More
BY NAPA Net Staff | 11/30/2015
A federal district court judge has approved what plaintiffs’ attorneys have called an $11 million settlement in another so-called excessive fees case, though the actual cash outlay will be... Read More
BY NAPA Net Staff | 11/13/2015
While plan sponsors often fail to obtain the proper insurance coverage, a recent court decision highlights why it’s important to read the fine print.The decision, from the Louisiana Second Circuit... Read More
BY Nevin E. Adams, JD | 11/12/2015
Another “excessive fee” lawsuit was settled this week — but what’s more interesting than the settlement amount is the speed with which it was reached and how it’s going to be spread among the parties... Read More
BY NAPA Net Staff | 11/9/2015
The U.S. Supreme Court may have booted the “presumption” of prudence for employer stock holdings, but a new court ruling finds no “duty to inform” plan fiduciaries of “material, nonpublic company... Read More
BY NAPA Net Staff | 11/6/2015
Terms of a trial eve settlement in Boeing’s 401(k) excessive fee lawsuit have finally come to light.Boeing has agreed to pay $57 million to settle the lawsuit, in which it was accused of charging... Read More
BY NAPA Net Staff | 11/2/2015
Plan fiduciaries have been sued for allegedly breaching their ERISA fiduciary duties in shifting allocations in a plan’s custom target-date portfolios to what it characterizes as “risky and high-cost... Read More
BY NAPA Net Staff | 10/23/2015
The Department of Labor is seeking to make it easier for states to fit within the framework of ERISA in their efforts to establish state-run retirement plans for the private sector, says Phyllis C.... Read More
BY John Ortman | 10/20/2015
Impending DOL regulations intended to pave the way for state-run retirement programs for private sector workers may create an unfair playing field and widespread confusion over ERISA preemption, as... Read More
BY NAPA Net Staff | 10/19/2015
A recent court decision reminds fiduciaries that It’s not enough to communicate the potential impact of plan changes to participants – those communications are expected to be accurate. The U.S.... Read More
BY Nevin E. Adams, JD | 10/15/2015
Despite those admonitions about the wisdom of eating your own cooking, another provider has been sued by its participants for the use of proprietary fund offerings in their 401(k).The suit, filed in... Read More
BY NAPA Net Staff | 9/10/2015
When is a plan limitation period not a limitation period? Apparently when you don’t communicate it to participants, according to a recent court ruling.In Mirza v. Insurance Administrator of America,... Read More
BY NAPA Net Staff | 9/1/2015
Can plan fiduciaries sue to recover overpayments made many years ago?Case law has recognized the right of a fiduciary to recover overpayments, but a recent case involving a pension plan’s attempted... Read More
BY NAPA Net Staff | 8/31/2015
A court challenge to a corporate pension de-risking move has been rejected by the 5th U.S. Circuit Court of Appeals.The lawsuit was filed by a number of Verizon retirees who took issue with a 2012... Read More
BY NAPA Net Staff | 8/28/2015
A day after saying it planned to fight a decades-old 401(k) lawsuit in court, the Boeing Company has struck a deal.Announcement of the “provisional settlement” comes the day a trial was scheduled to... Read More
BY NAPA Net Staff | 8/17/2015
An investment manager and plan administrator were ordered to pay $15 million for failing to diversify plan assets.Investment manager WPN Corp. and Ronald LaBow, plan administrator and former... Read More
BY NAPA Net Staff | 8/12/2015
A pair of investors has filed suit against State Farm Investment Management Corp. (SFMC), charging that the firm charged excessive fees on its LifePath target-date funds.According to the complaint,... Read More
BY NAPA Net Staff | 8/10/2015
The U.S. Supreme Court may have set aside the presumption of prudence, but it’s still no slam dunk for plaintiffs in stock drop cases.The most recent example came in the 11th Circuit’s affirmed... Read More
BY NAPA Net Staff | 7/13/2015
Asked to reconsider a decision regarding fiduciary review in the wake of Tibble v. Edison, a district court found no reason to do so.The case, In re Citigroup ERISA Litig., No. 11 CV 7672 JGK, __F.... Read More
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