The terms in an excessive fee suit settlement announced last fall have finally been revealed.
The plaintiffs here — Douglas G. Bailey, Jason J. Hayes and Marianne Robinson — who are two former and... Read More
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Litigation
BY NAPA Net Staff | 3/9/2023
In this podcast episode Nevin (Adams) & Fred (Reish) take a look at the new litigation landscape for ERISA plans, including an update on suits involving the BlackRock LifePath target-date funds,... Read More
BY Nevin E. Adams, JD | 3/9/2023
A number of recent excessive fee suits have failed to state a “plausible” claim to move past a motion to dismiss — but a federal judge in Massachusetts embraced what seems to be a lower threshold and... Read More
BY Nevin E. Adams, JD | 3/7/2023
So, if you had a court hearing with the same judge on the same day, ruling on suits involving identical allegations — what result would you expect?
Well, if you said the same result — you’d be... Read More
BY Nevin E. Adams, JD | 3/6/2023
The plaintiffs in one of a dozen suits challenging the use of BlackRock Lifepath target-date funds has once again gone down in flames.
Last December U.S. District Judge Michael S. Nachmanoff had... Read More
BY Nevin E. Adams, JD | 3/3/2023
Plan fiduciaries that had come close to settling a suit that accused them of mismanaging plan assets—twice—have managed to prevail because the plaintiffs waited too long to sue.
In this case,... Read More
BY Nevin E. Adams, JD | 2/28/2023
The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—have unveiled the terms of a big settlement.
The suit, filed... Read More
BY Nevin E. Adams, JD | 2/27/2023
Amidst a number of excessive fee suit settlements, and decisions, a plan fiduciary who won their case in court has now filed to recover their costs of defending against the suit.
The defendants in... Read More
BY Nevin E. Adams, JD | 2/23/2023
“For Americans of all races, creeds, and political stripes, the American dream includes the prospect of a comfortable retirement.” So begins a second lawsuit challenging the Labor Department’s so-... Read More
BY Nevin E. Adams, JD | 2/22/2023
The parties in an excessive fee suit have struck a deal—mere months after the suit was filed.
The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc.—and they were sued... Read More
BY Nevin E. Adams, JD | 2/17/2023
Apparently the third time’s a “charm,” at least for one excessive fee case “…after arms-length negotiations, which involved highly experienced lead attorneys who have litigated many similar cases,... Read More
BY Nevin E. Adams, JD | 2/15/2023
The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs—asserting that the district court made a bad call on the burden of proof.
The case under appeal... Read More
BY John Sullivan | 2/15/2023
Top ERISA attorneys agreed on the best course of action for advisors and home office personnel in the wake of this week’s seismic fiduciary ruling in Florida.
In a lawsuit brought by the American... Read More
BY Nevin E. Adams, JD | 2/13/2023
A federal appellate court has affirmed the decision of a lower court—blocking the use of an arbitration clause in a plan document to forestall an ERISA fiduciary suit.
The court in question was... Read More
BY Nevin E. Adams, JD | 2/10/2023
Citing a recent Seventh Circuit decision, a federal judge has dismissed yet another 401(k) excessive fee suit.
More specifically, U.S. District Judge Jane Magnus-Stinson granted Eli Lilly’s motion... Read More
BY Nevin E. Adams, JD | 2/9/2023
Another of the suits challenging plan fiduciaries’ retention of the BlackRock LifePath target-date funds has been dismissed—but with an opportunity to remedy its shortcomings.
This one had been... Read More
BY Nevin E. Adams, JD | 2/7/2023
Fiduciary defendants—and their investment consultant—have notched a(nother) win in an excessive fee case.
The suit—filed in mid-2020 by seven former employees of Schneider Electric Holdings, Inc.—... Read More
BY Nevin E. Adams, JD | 2/6/2023
While an excessive fee suit had alleged the loss of “millions of dollars in excessive fees, costs, and lost investment opportunity,” the parties have settled for a fraction of that.
The suit was... Read More
BY Nevin E. Adams, JD | 2/1/2023
The plaintiffs in an excessive fee suit are pressing for consideration of a settlement, arguing that recent decisions against claims similar to theirs don’t bode well for their case.
Now, in... Read More
BY John Sullivan | 2/1/2023
A high-profile lawsuit brought by 24 Republican-led states to prevent the Department of Labor’s ESG rule from taking effect threw a wrench into Biden Administration plans.
Plaintiffs... Read More
BY Nevin E. Adams, JD | 1/27/2023
Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it.
More specifically, the coalition, led by Texas Attorney General... Read More
BY Nevin E. Adams, JD | 1/26/2023
The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—has come to terms on the eve of going to trial.
The suit,... Read More
BY Nevin E. Adams, JD | 1/25/2023
When is a company stock fund not a company stock fund?
Perhaps more precisely when is it no longer a company stock fund. That’s likely the heart of a new lawsuit filed by participant-plaintiffs... Read More
BY Nevin E. Adams, JD | 1/23/2023
Yet another 401(k) excessive fee suit has been dismissed for failing to allege a “plausible” claim of injury.
The most recent—a suit filed against Fluor Corp.’s 401(k) a little more than a year... Read More
BY Nevin E. Adams, JD | 1/20/2023
Just four years after striking an excessive fee settlement, a fund company has been sued again—for allegedly not making the changes to its 401(k) lineup the settlement contemplated.
The defendants... Read More
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