Two things have been overlooked by many people in the days leading up to the Supreme Court’s decision in Tibble v. Edison International and the weeks thereafter: (1) most of the wrongs1 initially... Read More
Advertisement
Litigation
BY Nevin E. Adams, JD | 5/18/2015
Those looking for a bright line of illumination from the U.S. Supreme Court on fiduciary responsibilities in a 401(k) revenue-sharing case were likely disappointed May 18.The case, Tibble v. Edison... Read More
BY Nevin E. Adams, JD | 4/30/2015
The U.S. Department of Labor has filed a lawsuit alleging that a profit-sharing plan lost more than $4 million when fiduciaries engaged in self-dealing and conflicted transactions involving plan... Read More
BY Nevin E. Adams, JD | 4/9/2015
We live in an era of expanding electronic communications — but there are limits for ERISA plans, as a recent federal court ruling reminds us.As paper virtually disappears from the workplace, we... Read More
BY Nevin E. Adams, JD | 4/7/2015
The United States Supreme Court recently agreed to hear another ERISA case, this one dealing with the ability of a plan fiduciary to recover an overpayment.The high court granted certiorari in the... Read More
BY NAPA Net Staff | 4/1/2015
Avoiding litigation should be plan sponsors’ primary goal, but prudent plan drafting goes beyond mere risk avoidance.A new analysis by litigation attorneys at Mayer Brown (registration... Read More
BY Nevin E. Adams, JD | 3/30/2015
A federal district court has dismissed retirement plan participant claims that Fidelity violated ERISA by keeping or improperly using “float income” generated by their plan(s).The ruling... Read More
BY Nevin E. Adams, JD | 3/30/2015
Its day in court just days away, Ameriprise Financial, Inc. opted to settle a 2011 lawsuit claiming breach of fiduciary duty in the company’s 401(k) plan for $27.5 million.As noted below, while... Read More
BY Nevin E. Adams, JD | 3/10/2015
A growing number of retirement plan participants — and retirement plan assets — are being invested in the default option selected for the plan.The existence of default funds isn’t... Read More
BY Nevin E. Adams, JD | 3/3/2015
Ours is a complex business. For one thing, it’s fraught with potential peril for inattentive plan fiduciaries, many of whom find themselves tasked with the responsibilities of the role (... Read More
BY Fred Barstein | 2/26/2015
It’s no surprise that as DC plans have grown in popularity, so have lawsuits. Most of the well-known lawsuits have been against larger plans, but that’s no reason for smaller plans or... Read More
BY NAPA Net Staff | 2/25/2015
A 401(k) revenue-sharing lawsuit finally got its day before the U.S. Supreme Court.While the nation’s high court was ostensibly focused on how ERISA’s statute of limitations was to be... Read More
BY NAPA Net Staff | 2/21/2015
In what was described as the largest settlement of a 401(k) excessive fee claim ever against a single employer, a revenue-sharing lawsuit that had sought $1.3 billion in damages was settled for... Read More
BY NAPA Net Staff | 2/17/2015
The ERISA public disclosure website — which houses filings by health and pension plans of private employers — is headed for the cloud. According to Federal Times, the Department of... Read More
BY Nevin E. Adams, JD | 1/23/2015
With a month to go before its Supreme Court hearing, the employer defendant in a 401(k) excessive fee litigation case has petitioned the nation’s high court to drop the case.The filing by... Read More
BY Nevin E. Adams, JD | 1/15/2015
The 7th U.S. Circuit Court of Appeals has outlined the conditions for determining the existence of a partial plan termination, ruling on the fifth appeal of what it called a “seemingly... Read More
BY Nevin E. Adams, JD | 12/17/2014
Another 401(k) revenue sharing lawsuit moved toward settlement this week — hours before the trial was scheduled to begin. Lockheed Martin Corp. agreed on Dec. 16 to settle a federal class-... Read More
BY Nevin E. Adams, JD | 12/17/2014
After what plaintiff’s attorneys describe as “more than 13 years of vigorously contested litigation,” Nationwide has moved to settle a revenue sharing lawsuit for an enormous $140... Read More
BY NAPA Net Staff | 11/7/2014
If you (or your clients) are looking for an easy-to-use guide to employee benefit plan reporting, the IRS has just the thing, in the form of a handy guide to reporting and disclosure... Read More
BY Nevin E. Adams, JD | 11/4/2014
MassMutual and Golden Star, Inc. have asked the court to approve a settlement in their 401(k) revenue-sharing suit. The settlement (which, according to the Fiduciary Matters Blog, does not... Read More
BY John Iekel | 10/28/2014
Turning 40 is one of those storied moments — and not just for individuals. ERISA turned 40 this year, affording an opportunity to take stock of its impact and whether it is functioning as... Read More
BY Fred Barstein | 10/21/2014
Floyd Norris, The New York Times’ chief financial correspondent, asks the obvious question why a plan sponsor would willingly (or neglectfully) choose a more expensive version of a fund... Read More
BY Nevin E. Adams, JD | 10/2/2014
Another of the so-called “excessive fees” cases has been tossed by a federal appellate court. In Santomenno v. John Hancock Life Insurance Company, No. 13–3467, 2014 WL 4783665 (3d... Read More
BY Craig Hoffman | 10/2/2014
The U.S. Supreme Court has agreed to review the Tibble v. Edison Int’l case, it was announced Oct. 2. One of the many “excessive fee” cases being pursued through the federal court... Read More
BY NAPA Net Staff | 9/26/2014
Roughly 6,800 American companies have an employee stock ownership plan, or ESOP. Recently Assistant Secretary of Labor Phyllis Borzi had some cautionary comments for those who have, and work... Read More
Recent Comments