A federal judge said a participant in the firm's 401(k) plan sufficiently plead imprudence and disloyalty.
The basic contention of the lawsuit was that the company acted in a manner contrary to ERISA’s fiduciary requirements when it forced terminated employees to liquidate company stock holdings at an unfair price.
The need for education and advice about equity compensation is abundantly clear.
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
The lawsuit also accuses plan fiduciaries of failing to monitor total plan costs.
The complaint has been dismissed without prejudice, however, and the plaintiffs have until July 28 to attempt to remedy failures in their lawsuit.
A similar lawsuit was filed in May against an investment manager and a different plan sponsor.
Following the filing of various class member objections, a federal district court has denied a settlement agreed to by the parties in an ERISA fiduciary breach lawsuit against Northrop Grumman.
The settlement agreement also calls for the monitoring of plan recordkeeping fees and the plan’s investment options.
Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.
It is not all doom and gloom for plan sponsors and participants who want these investments. Here’s what advisers should know about the new rules proposed by the Department of Labor (DOL).
The Department of Labor has taken yet another step forward in what has been more than a decadelong effort to update the fiduciary duty applying to investment professionals serving workplace retirement plans.
Multiple national-level conflict of interest rules are now aligned that will require financial professionals to act in the best interest of consumers.
The 2nd U.S. Circuit Court of Appeals found the regulation, which goes into effect tomorrow, is authorized by Dodd-Frank and is not arbitrary and capricious.
The lawsuit argues that while the TDFs in the plan are CITs, they are private label CITs with much higher expense ratios than the typical CITs offered by JPMorgan.
A brief filed in a federal appellate court explains how the agency believes a federal district court erred in dismissing the case.
Officials say criminals have already gotten millions in PPP loans and unemployment insurance.