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
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Litigation
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
BY Nevin E. Adams, JD | 9/6/2022
A case that hinged on the determination of fiduciary status based on control of plan assets—has been decided—again—in favor of the defendants.
The original suit (Rozo v. Principal Life Ins.... Read More
BY Nevin E. Adams, JD | 9/2/2022
There are plenty of cautionary tales about beneficiary designations and unintended consequences—here’s another.
It seems that Sally A. Hogen made contributions to a 401(k) plan during her... Read More
BY Nevin E. Adams, JD | 9/1/2022
Auto parts maker GKN North America Services Inc. managed to fend off some, but not all, claims in an excessive fee suit involving its use of Prudential’s GoalMaker product.
The suit began in... Read More
BY Nevin E. Adams, JD | 8/31/2022
A federal appellate court took another look at an excessive fee case it had dismissed—and found nothing in a recent Supreme Court decision to change its mind.
It was, in fact, the same appellate... Read More
BY Nevin E. Adams, JD | 8/30/2022
A lawsuit challenging the Labor Department’s subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI).
As noted in the... Read More
BY Nevin E. Adams, JD | 8/29/2022
ERISA’s anti-alienation provisions generally serve to protect/shield retirement assets from garnishment—there is, however, an exception—and Evan Greebel just found out the hard way.
In 2017, Evan... Read More
BY Nevin E. Adams, JD | 8/26/2022
ADP got something of a split decision in an excessive fee case—with a federal judge allowing claims regarding high record-keeping fees and expensive investments to proceed—but culling claims about... Read More
BY Nevin E. Adams, JD | 8/24/2022
The law firm of Miller Shah LLP has targeted yet another plan they claim “appear[s] to have chased the low fees charged by the BlackRock TDFs without any consideration of their ability to generate... Read More
BY Nevin E. Adams, JD | 8/23/2022
It’s been said that the “third time’s a charm”—but apparently not with regard to 401(k) excessive fee suits.
This particular suit (Mator v. Wesco Distrib., Inc., W.D. Pa., No. 2:21-cv-00403,... Read More
BY Nevin E. Adams, JD | 8/22/2022
The fiduciaries of yet another multi-billion dollar 401(k) have been sued for an alleged breach of its fiduciary duty—ostensibly for causing the plan to pay “unreasonable and excessive fees for... Read More
BY Nevin E. Adams, JD | 8/18/2022
Capozzi Adler PC has found another $1 billion 401(k) plan with “astronomical” fees in which “high recordkeeping fees” and underperforming target-date funds left participant accounts “languishing” in... Read More
BY Nevin E. Adams, JD | 8/17/2022
A federal judge has affirmed a $1.5 million judgement against Schlichter Bogard & Denton LLP and Schneider Wallace Cottrell Konecky LLP for their role in bringing a “reckless” excessive fee suit... Read More
BY Nevin E. Adams, JD | 8/16/2022
L Brands, parent company of Bath & Body Works has come to terms with the plaintiffs in a 401(k) excessive fee suit.
The suit—which had been filed in late 2020 by Shepherd, Finkelman,... Read More
BY Nevin E. Adams, JD | 8/16/2022
A federal appellate court says that the Labor Department is allowed to pursue its inquiry into the cybersecurity practices at a large recordkeeper.
Judge Michael B. Brennan (joined in the opinion... Read More
BY Nevin E. Adams, JD | 8/15/2022
Another large 401(k) plan has been sued for a breach of fiduciary duty involving excessive fees for recordkeeping—and managed account services it says were worth nothing.
This one has been filed... Read More
BY Nevin E. Adams, JD | 8/12/2022
Yet another large 401(k) plan has been sued for its decision to have the BlackRock LifePath target-date funds on its menu.
This time it’s the $1.5 billion Advance 401(k) Plan, in a suit... Read More
BY Nevin E. Adams, JD | 8/11/2022
Recent decisions in the Sixth Circuit have inspired yet another fiduciary defendant to request a reconsideration of their motion to dismiss a plaintiff’s excessive fee suit.
This time it’s the... Read More
BY Nevin E. Adams, JD | 8/8/2022
Another suit alleging that plan fiduciaries “chased low fees” and imprudently selected and retained the BlackRock LifePath target-date suite despite “consistently deplorable performance” has been... Read More
BY Nevin E. Adams, JD | 8/8/2022
In a case that has lumbered around since a 2017 embezzlement by Vantage Benefits Administrators, a custodian has finally been able to clear its name.
The action followed an Oct. 31, 2017 raid... Read More
BY Nevin E. Adams, JD | 8/4/2022
Claiming that the plan fiduciaries “…employed a fundamentally irrational decision‐making process (i.e., inconsistent with their duty of prudence) contrary to basic economics and established... Read More
BY Nevin E. Adams, JD | 8/4/2022
Capozzi Adler and Miller Shah have wrested another settlement in an excessive fee suit—in record time.
This time it’s the $1.2 billion Rush University Medical Center 403(b) plan—sued by four... Read More
BY Nevin E. Adams, JD | 8/3/2022
In a flurry of litigation activity not seen since 2016, several different 401(k) plans holding a target-date fund family despite “consistently deplorable performance” have been sued by participants... Read More
BY Nevin E. Adams, JD | 8/2/2022
A federal appellate court has affirmed the decision of a district court in dismissing a fiduciary suit tied to its retirement plan holding of Boeing stock.
The original suit (Burke v. Boeing Co.,... Read More
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