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
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Litigation
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
BY Fred Barstein | 8/12/2013
In what could be a watershed decision, the 7th Circuit U.S. Court of Appeals reversed a lower court decision denying plaintiffs in the Abbott v. Lockheed Martin case class action status. The... Read More
BY John Ortman | 8/9/2013
It may not turn out to be the very last word on the Prof. Ian Ayres debacle, but this dispatch from the estimable Marcia Wagner notes the important obligations that plan sponsors face to monitor and... Read More
BY Fred Barstein | 8/1/2013
Can a pre- or post-nuptial agreement override a spouse’s retirement plan beneficiary rights under ERISA? According to recent decision by the 8th U.S. Circuit Court of Appeals, the answer is no. After... Read More
BY Ronald J. Triche | 7/31/2013
On July 24, the U.S. District Court for the District of New Jersey dismissed (for a second time) a breach of fiduciary duty case brought by participants in various 401(k) plans against John Hancock... Read More
BY Ronald J. Triche | 7/30/2013
On July 29, 2013, a federal district court in Pennsylvania issued an order affirming that the U.S. Supreme Court’s decision in United States v. Windsor requires the recognition of same-gender... Read More
BY Andy Stonehouse | 7/26/2013
Feeling a bit like you've got 404a-5 participant fee disclosure overload? You're not alone. But as noted by Legacy Retirement Solutions, the controversial (and paper-heavy) rules are indeed on the... Read More
BY Fred Barstein | 7/26/2013
As NAPA’s 1st Annual DC Fly-in Forum approaches, many top DC Congressional leaders and policymakers have agreed to speak, with more expected. Currently the agenda for the September 17-18 meeting... Read More
BY Andy Stonehouse | 7/24/2013
While the retirement world continues to wait for some final clarification on the Department of Labor’s ongoing attempts to establish the definition of fiduciary status under ERISA, a few recent cases... Read More
BY NAPA Net Staff | 5/20/2013
By Fred Reish, Bruce Ashton, Joan Neri and Joshua WaldbeserAdvisors have an opportunity to add significant value by helping plan sponsor clients develop a prudent 408(b)(2) disclosure review process... Read More
BY Fred Barstein | 5/16/2013
In case you haven’t been paying close attention, the recent 9th Circuit decision in Tibble v. Edison has major implications — both good and bad — for plan advisors. This is highlighted eloquently in... Read More
BY Fred Barstein | 5/1/2013
A federal district court in Seattle dismissed a motion to dismiss a case brought by current and former employees of Weyerhaeuser against the company and its retirement plan advisor, Morgan Stanley,... Read More
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