Just four years after striking an excessive fee settlement, a fund company has been sued again—and settled again—for allegedly not making the changes to its 401(k) lineup the original settlement... Read More
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Litigation
BY Ted Godbout | 8/21/2023
In what has been cited as a top concern of investment adviser compliance officers, the Securities and Exchange Commission on Aug. 21 announced charges against a New York-based fintech investment... Read More
BY John Sullivan | 8/21/2023
Almost 26,000 New York Life customers had their names and Social Security numbers exposed to a data breach, the latest in a massive hack that affected hundreds of companies and millions of... Read More
BY Nevin E. Adams, JD | 8/16/2023
Despite “uncertain” claims regarding alleged fiduciary breaches, “thin” methodology, and opinions that bordered on “conclusory,” a federal judge has denied the plan fiduciaries’ motion to... Read More
BY Nevin E. Adams, JD | 8/14/2023
The fiduciary defendants in another of the BlackRock LifePath target-date fund suits have successfully fended off litigation claiming they chased low fees and disregarded poor performance.... Read More
BY NAPA Net Staff | 8/9/2023
That next wave of fiduciary litigation seems to be expanding, based on social media outreach by the law firm of Schlichter Bogard.
The litigation’s basis is found in the provisions of the... Read More
BY Nevin E. Adams, JD | 8/8/2023
It’s not the first time out for these plaintiffs (Julio C. Alas, Robert J. Bugielski, and Chad S. Simecek), though it is their first win.
They lost twice already at the district court level—... Read More
BY Nevin E. Adams, JD | 8/7/2023
Plan fiduciaries say that a suit brought by a participant alleging a breach of fiduciary duty by a plan that included ESG options on its menu—and funds managed by ESG-friendly managers—didn’t invest... Read More
BY John Sullivan | 8/7/2023
Is the litigation tide turning in favor of plan sponsors? That’s a growing perception but one contradicted by data, at least when it comes to dismissal motions.
Fiduciary liability insurance... Read More
BY Nevin E. Adams, JD | 8/2/2023
Yet another fund provider has found itself in the crosshairs of a participant-plaintiff suit from their own 401(k) plan.
The plaintiffs here are Amber Colston, Willis Bramwell and Roseann Blessing... Read More
BY Nevin E. Adams, JD | 8/1/2023
Another federal court has found that plaintiffs failed to allege “sufficient facts from which the Court could plausibly infer” that recordkeeping fees were excessive relative to the services provided... Read More
BY Nevin E. Adams, JD | 7/28/2023
A shift in precedent has lowered the bar to establish a plausible argument sufficient to overcome a motion to dismiss—and plaintiffs in yet another case are getting another shot at proceeding to... Read More
BY Nevin E. Adams, JD | 7/27/2023
A federal magistrate judge has recommended that a pair of excessive fee suits—previously dismissed for failure to state a plausible claim—be given another chance based on a new standard.
The... Read More
BY Nevin E. Adams, JD | 7/24/2023
A federal appellate court has held that a plan’s adoption of an arbitration agreement is sufficient to require a class action suit on behalf of the plan to those terms.
The suit was filed in... Read More
BY Nevin E. Adams, JD | 7/21/2023
A new excessive fee suit challenges the imprudent selection of share classes, the poor selection of a stable value offering AND exorbitant recordkeeping fees.
Here we have one participant-... Read More
BY Nevin E. Adams, JD | 7/19/2023
A federal appellate court has backed the ruling of a lower court, finding that a 401(k) plan’s investment consultant acted prudently, and in the interests of participants in decisions regarding a... Read More
BY Nevin E. Adams, JD | 7/18/2023
A “painstakingly negotiated global Settlement” of some $124 million involving multiple suits (and the involvement of the Labor Department) has been reached in a long-standing ERISA suit.
The... Read More
BY NAPA Net Staff | 7/18/2023
It’s been a hot summer here (and likely “there” as well)—and there’s been so much going on lately that our brief recap wound up being a podcast episode unto itself. So, what’s “hot?” ... Read More
BY Nevin E. Adams, JD | 7/14/2023
The terms of a settlement in an excessive fee suit against a $2.3 billion 403(b) plan have come to light.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454,... Read More
BY Nevin E. Adams, JD | 7/13/2023
Just ahead of a scheduled trial date, the parties in a fiduciary breach suit involving a $30 billion master trust have come to terms.
The suit—filed in February 2016 by Melina N. Jacobs—alleged... Read More
BY Nevin E. Adams, JD | 7/12/2023
The parties involved in a suit challenging the ability to defer more to a 401(k) have come to terms, with a settlement of roughly $1.5 million.
The suit (Baird v. Hyatt Corp., C.D. Cal., No. 2:22-... Read More
BY Nevin E. Adams, JD | 7/10/2023
The parties in an excessive fee suit have struck a deal—approximately three years after being filed, and despite making changes that arguably mitigated at least some of the claims.
Plaintiffs... Read More
BY Nevin E. Adams, JD | 7/6/2023
With a growing focus on the fiduciary responsibilities for healthcare plans, a national employer is suing Aetna for breaching its fiduciary duties in approving and paying “false, fraudulent, and... Read More
BY Nevin E. Adams, JD | 7/3/2023
A federal magistrate judge has recommended curtailment of a key rollover provision of the Labor Department’s investment advice regulation.
The recommendation of U.S. Magistrate Judge Rebecca... Read More
BY Nevin E. Adams, JD | 6/30/2023
The allegations in a new excessive fee suit are familiar—but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed.
Commenting that “... Read More
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