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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Litigation
BY Nevin E. Adams, JD | 1/17/2023
Another suit filed by Capozzi Adler has failed to get past a plan fiduciaries’ motion to dismiss.
The suit—filed in October 2021 by Rupinder Singh, Jeffrey S. Popkin, Joni Walker and Jenny Mark on... Read More
BY Nevin E. Adams, JD | 1/12/2023
Plan fiduciaries’ decision to retain an actively managed target-date fund suite has drawn another excessive fee suit.
More specifically, the suit—filed against the $5.6 billion 401(k) plan of... Read More
BY Nevin E. Adams, JD | 1/10/2023
Yet another multi-billion-dollar plan has been sued for recordkeeping and managed account services that the plaintiffs claim were twice what could have been paid for those services.
The target... Read More
BY Nevin E. Adams, JD | 1/6/2023
A federal judge has accepted a magistrate judge’s recommendation to dismiss an excessive fee suit—but gave the plaintiff 30 days to amend their suit, but only with regard to certain points.
The... Read More
BY Nevin E. Adams, JD | 1/4/2023
A new suit—with a plaintiff represented by a new (but suddenly active) law firm claims to be “another example of a large plan filling its 401(k) plan with (1) lower yielding, expensive investments... Read More
BY Nevin E. Adams, JD | 1/3/2023
A recently unveiled settlement in a 401(k) excessive fee suit has hit a snag.
In fairness, the announced settlement was only a “partial” settlement—one that plaintiffs Wendy Berry, Lorri Hulings,... Read More
BY Nevin E. Adams, JD | 12/28/2022
Three parties have been sued as fiduciaries in a case involving theft of a 401(k) balance—a federal judge just let one off the case.
The participant-plaintiff whose account was stolen is one Paula... Read More
BY Nevin E. Adams, JD | 12/27/2022
Commenting that “the proliferation of 401(k) plans has exposed workers to big drops in the stock market and high fees from Wall Street money managers,” another excessive fee suit has been filed—... Read More
BY Nevin E. Adams, JD | 12/22/2022
Loaded up with a fresh set of plaintiffs, a familiar plaintiffs’ attorney is having yet another “go” at plan fiduciaries in an excessive fee suit.
The law firm in question is none other than... Read More
BY Nevin E. Adams, JD | 12/21/2022
A $4 billion plan has struck a $4 million settlement—and “meaningful prospective relief”—in a suit that challenged the fees it paid itself as recordkeeper for its own plan.
Plaintiffs Chris... Read More
BY Nevin E. Adams, JD | 12/19/2022
An excessive fee suit alleges an imprudent self-dealing reliance on proprietary funds—including an imbedded insurance option in the plan’s qualified default investment alternative.
The plan in... Read More
BY Nevin E. Adams, JD | 12/14/2022
Another multi-billion-dollar 401(k) plan has been sued for “grossly excessive” fees.
This time the target is the 16,000-participant, $2 billion plan of NCR Corporation. The plaintiffs in this case... Read More
BY Nevin E. Adams, JD | 12/8/2022
A participant suit targeting TIAA for its loan practices in retirement plans has come up short in identifying a potential class on whose behalf to bring suit.
The suit—filed back in early 2017 (... Read More
BY Nevin E. Adams, JD | 12/2/2022
Two of the suits challenging the prudence of plans holding the BlackRock Lifepath target-date funds were dismissed yesterday.
The suits—one involving Capital One Financial Corp., the other... Read More
BY David Levine, JD | 12/1/2022
Three new trends are emerging in plan litigation. Here are some tips on how to help your clients—and your advisory firm—stay out of harm’s way.
As advisors, TPAs, recordkeepers and other service... Read More
BY Nevin E. Adams, JD | 12/1/2022
A suit that had alleged a “radical redesign” of a plan’s investment menu with new and untested funds to favor a plan’s consultant has been settled, according to the parties involved.
This suit was... Read More
BY Nevin E. Adams, JD | 11/30/2022
NFP knocks back all claims against it, but some charges filed against the plan fiduciary defendants and flexPATH will now go to trial.
The Schlichter law firm is representing the plaintiffs here—... Read More
BY Nevin E. Adams, JD | 11/28/2022
A federal magistrate judge has recommended tossing an excessive fee suit against a $4 billion 401(k) plan.
While the recommendation still requires the signoff of a district judge,[i] U.S.... Read More
BY Nevin E. Adams, JD | 11/23/2022
For the fourth month in a row, a relative newcomer to excessive fee litigation has brought suit against a multi-billion-dollar 401(k) plan.
The allegations are familiar—that the fiduciary... Read More
BY Nevin E. Adams, JD | 11/21/2022
Noting that “Plaintiffs fail to plausibly allege the Committee breached its ERISA-imposed fiduciary duty by charging unreasonable recordkeeping fees”—another excessive fee suit has been dismissed... Read More
BY Nevin E. Adams, JD | 11/18/2022
Litigator Jerry Schlichter has been sued…for a breach of fiduciary duty.
According to a report in the St. Louis Post-Dispatch, Schlichter (and his firm) has been sued by partner Roger Denton—the... Read More
BY Nevin E. Adams, JD | 11/16/2022
A pair of excessive fee suits have been dismissed for failure to state a claim—for now.
The separate suits were brought against the fiduciaries of the plans at ThedaCare, Inc. and Prevea Clinic,... Read More
BY Nevin E. Adams, JD | 11/15/2022
The suit, which had alleged that “…many managed account services merely mimic the asset allocations available through a target date fund while charging additional unnecessary fees for their services... Read More
BY Nevin E. Adams, JD | 11/14/2022
An excessive fee suit involving proprietary funds claims that fiduciary breaches not only undermined participant retirement security but played a role in a recordkeeping acquisition.
The plaintiff... Read More
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