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BY Nevin E. Adams, JD | 7/13/2022
After nearly a year of negotiations (though that’s a pretty short turnaound by some measures), the parties in an excessive fee suit have asked for the court’s approval on a settlement agreement... Read More
BY Nevin E. Adams, JD | 7/11/2022
An ex-participant whose 401(k) account was drained of some $750,000 by a “fraudster” has filed suit against the plan fiduciaries, the recordkeeper and the trustee for alleged breaches of fiduciary... Read More
BY Nevin E. Adams, JD | 7/8/2022
The fiduciaries of yet another university 403(b) plan have been targeted with litigation—and while the allegations are familiar, the plaintiff’s attorney is new. The suit—filed against both the... Read More
BY Nevin E. Adams, JD | 7/1/2022
There’s a battle brewing in Battle Creek about excessive recordkeeping and managed account fees. Bradley H. Fleming, a former accountant at Kellogg’s, has sued his former employer, the Kellogg Co... Read More
BY Nevin E. Adams, JD | 6/29/2022
The Labor Department is pushing back against litigation challenging specific elements of its FAQs regarding the fiduciary rule. The suit (Am. Sec. Ass’n v. U.S. Dep’t of Labor, M.D. Fla... Read More
BY Nevin E. Adams, JD | 6/28/2022
A federal appellate court has backed the dismissal of an excessive fee suit, rejecting the notion that offering actively managed funds—even those with disappointing performance—by itself doesn’t... Read More
BY Nevin E. Adams, JD | 6/27/2022
A multibillion-dollar 403(b) plan has been sued for the second time in a year. Now, MITRE had been sued in 2021—in a case just dismissed a few weeks back—because the named plaintiff, one... Read More
BY Nevin E. Adams, JD | 6/24/2022
A federal judge has ruled that the comparisons put forth as proof of a fiduciary breach were not “meaningful.”  The suit was filed late last year by plaintiff-participants Malika Riley and... Read More
BY Nevin E. Adams, JD | 6/17/2022
An excessive fee suit filed on behalf of participants by a law firm that appears to be a relative newcomer to this genre—has settled. More specifically, in a notice of settlement filed with... Read More
BY Nevin E. Adams, JD | 6/10/2022
A federal judge has questioned the wording in a $7 million excessive fee settlement agreement. The suit—filed way back on Valentine’s Day, 2017—involved allegations by a participant in its own... Read More
BY Nevin E. Adams, JD | 6/7/2022
A federal judge has dismissed an excessive fee suit involving a $7.8 billion 401(k) plan, accepting the argument that the participant-plaintiff wasn’t even invested in the funds in question. Mind... Read More
BY Nevin E. Adams, JD | 6/3/2022
Recordkeeper ForUsAll has filed suit against the Labor Department for its recent “arbitrary and capricious attempt to restrict the use of cryptocurrency in defined contribution retirement plans…”... Read More
BY Nevin E. Adams, JD | 5/19/2022
The law firm of Schlichter Bogard & Denton has a new target in an excessive fee suit—the plan’s investment advisor. More specifically, plaintiffs Michelle Mills, Coy Sarell, Chad Westover,... Read More
BY Nevin E. Adams, JD | 5/17/2022
How much injury do you need to suffer in order to bring an excessive fee suit? That issue arose in one of a half-dozen cases that had been frozen in place last fall pending the U.S.... Read More
BY Nevin E. Adams, JD | 5/11/2022
In less than a year, the law firm of Capozzi Adler has wrested a settlement from a multiple employer plan accused of breaching its fiduciary duties.  The plan in question—more specifically... Read More
BY Nevin E. Adams, JD | 5/10/2022
Springfield, Missouri-based O’Reilly Automotive, Inc. is the latest to draw the attention of the plaintiffs’ bar—or more precisely its $1.1 billion plan and 53,000 participants.  These... Read More
BY Nevin E. Adams, JD | 5/9/2022
A consulting firm’s data breach has triggered a second class action lawsuit by an affected participant on behalf of a class of some 2,500,000 individuals. The suit, brought by plaintiff Greg... Read More
BY Nevin E. Adams, JD | 5/2/2022
An excessive fee suit which alleged that the “Plaintiff has standing to bring this action on behalf of the Plan because he participated in the Plan and was injured by Defendants’ unlawful conduct”... Read More
BY Nevin E. Adams, JD | 4/28/2022
A settlement term—and plaintiffs’ attorney fees—in a proprietary fund suit may be undermined by the Labor Department’s recent comments on cryptocurrency—more specifically, concerns about what those... Read More
BY Nevin E. Adams, JD | 4/27/2022
  In a feature article in the latest issue of NAPA Net the Magazine, Nevin E. Adams, JD takes a deep dive into a unanimous U.S. Supreme Court ruling that gives excessive fee suit plaintiffs... Read More
BY Nevin E. Adams, JD | 4/25/2022
You might think the plaintiffs’ bar would have exhausted the number of $1 billion 401(k) plans to sue—but then you’d be wrong. The latest is healthcare and bioscience company Grifols Shared... Read More
BY NAPA Net Staff | 4/20/2022
In Part 2 of their “live” podcast from the NAPA 401(k) Summit, Nevin (Adams) & Fred (Reish) discuss ESG (and “material risk and return factors”), tie-breakers, designated investment alternatives... Read More
BY Nevin E. Adams, JD | 4/20/2022
A 401(k) excessive fee case was dismissed for failing to make a case sufficient to go to trial—but given a chance to remedy that situation. Here plaintiff Lauren Cunningham[i] alleged that... Read More
BY Nevin E. Adams, JD | 4/19/2022
For the second time in a month, the Ninth Circuit Court of Appeals has given new life to an excessive fee suit. The suit was filed in late 2019 against fiduciaries of Trader Joe’s Company... Read More
BY Nevin E. Adams, JD | 4/18/2022
After “nearly five years of intensive litigation,” a little over a month ago, a university 403(b) excessive fee suit settled—and now we know the terms. The suit was originally filed in June... Read More