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BY Nevin E. Adams, JD | 10/31/2022
Claiming that “all national recordkeepers, like Fidelity, Empower, Schwab, etc., have the capability to provide recordkeeping services at relatively little cost,” a new excessive fee suit has... Read More
BY Nevin E. Adams, JD | 10/28/2022
The fiduciary defendants in a proprietary fund excessive fee case are pushing back—claiming that the advisor and former participant who seeks to represent the class action had knowledge that preludes... Read More
BY Nevin E. Adams, JD | 10/27/2022
Plaintiffs in one of the first university 403(b) suits to be filed will get their day in court. The suit against Yale University was one of the first to be filed in this area—and by Schlichter... Read More
BY NAPA Net Staff | 10/24/2022
A recent flurry of lawsuits has "targeted" holders of the BlackRock LifePath target-date funds and their decision(s) to select, and hold, on their investment menu.  Ironically, the plan... Read More
BY Nevin E. Adams, JD | 10/24/2022
“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive... Read More
BY Nevin E. Adams, JD | 10/21/2022
Yet another excessive fee suit has been dismissed for failing to make a “plausible” case. The plaintiff in this case is Kaila Gonzalez, a participant in the Northwell Health 403(b) Plan, who filed... Read More
BY Nevin E. Adams, JD | 10/20/2022
A new lawsuit claims that one of the nation’s largest recordkeepers designed a program that—with the help of advisors—encouraged retirement plan participants to move those savings into a managed... Read More
BY Nevin E. Adams, JD | 10/19/2022
As federal courts turn their attention(s) to a series of suits challenging plans with a series of BlackRock target-date funds on their hands, the American Retirement Association has joined the fray... Read More
BY Nevin E. Adams, JD | 10/17/2022
Most of the claims were familiar (as was the plaintiffs’ attorney), but there were some interesting nuances in the arguments in the latest excessive fee case—which happens to involve a multiple... Read More
BY Nevin E. Adams, JD | 10/13/2022
Another excessive fee suit filed on behalf of participant-plaintiffs by Capozzi Adler PC has been dismissed by a federal appellate court. This time the defendants are the fiduciaries of Berkshire... Read More
BY Nevin E. Adams, JD | 10/12/2022
Noting that “…as many Courts of Appeals have said, ERISA demands ‘prudence, not Prescience,’” defendants in one of a series of suits challenging holdings of the BlackRock LifePath target-... Read More
BY Nevin E. Adams, JD | 10/10/2022
Claiming that “granting Defendants’ Motion would invite a brave new world of agency lawlessness,” the ForUsAll plaintiffs that have sued the Labor Department based on the impact of the latter’s... Read More
BY Nevin E. Adams, JD | 10/6/2022
The latest excessive fee suit targets “wildly excessive compensation,” an allegedly imprudent stable value offering, and the unmonitored use of “float” income.  More specifically, the... Read More
BY Nevin E. Adams, JD | 10/5/2022
A federal judge found enough evidence of process—and not enough evidence of loss—to dismiss a class action excessive fee suit. The suit was brought[i] by current and former employees of The... Read More
BY Nevin E. Adams, JD | 10/4/2022
The fiduciaries of a relatively small retirement plan have come to relatively smaller terms in an excessive fee suit. First and foremost, the settlement proposed provides $330,000 in the form... Read More
BY Nevin E. Adams, JD | 10/3/2022
A case involving allegations of a fiduciary breach related to a rollover recommendation provides some interesting perspectives on a number of operational issues. Here plaintiffs John Carfora,... Read More
BY Nevin E. Adams, JD | 9/28/2022
Earlier this month the Labor Department announced a settlement with Wells Fargo regarding transactions involving the ESOP component of its 401(k) plan. Now a trio of plan participants has... Read More
BY Nevin E. Adams, JD | 9/26/2022
A federal court decision establishing a new, higher burden of proof in excessive fee suits has—for now—handed fiduciary defendants another win. The win in this case—Baumeister v. Exelon Corp., N.D... Read More
BY Nevin E. Adams, JD | 9/23/2022
Fiduciary defendants are pressing for a reconsideration of their motion to dismiss an excessive fee suit, citing new precedent and its higher threshold to bring suit. The Suit Here participant-... Read More
BY Nevin E. Adams, JD | 9/21/2022
The plan size somewhat smaller, the plaintiff’s law firm relatively unknown in these matters—but the claims are familiar.  This time the plaintiff bringing suit is Grace Angelo—the targeted... Read More
BY Nevin E. Adams, JD | 9/20/2022
We don’t know all the particulars yet, but a number of pending excessive fee suits have announced settlements. In a case of good news, bad news, the pace of excessive fee settlements seems to be... Read More
BY Nevin E. Adams, JD | 9/19/2022
Another excessive fee suit—and this one involving proprietary funds—has been decided in favor of the plan fiduciaries. The victor here—Goldman Sachs and its $7.5 billion 401(k) plan on behalf of... Read More
BY Nevin E. Adams, JD | 9/15/2022
Having been sued for issuing its Compliance Assistance Release on cryptocurrency by cryptocurrency recordkeeping platform provider ForUsAll, the Labor Department is pushing back. In fairness,... Read More
BY Nevin E. Adams, JD | 9/13/2022
A new suit claims that the decision to retain proprietary funds in the 401(k) was “polluted by self-interest,” driven by a “blind preference” and that “defendants’ favoritism has led to the payment... Read More
BY Nevin E. Adams, JD | 9/8/2022
Yet another stock drop suit has failed to clear the “more harm than good” pleading standard outlined by the United States Supreme Court in 2014. Johnson & Johnson (“J&J”) offers an... Read More