The lawsuit makes sweeping claims about conflicts of interest in the defined contribution retirement plan industry, suggesting financial services companies deserve extra scrutiny.
A significant split among circuit courts on this issue remains unresolved.
The case arose from Manhattan Ford’s withdrawal from the UAW Local 259 Pension Fund, and an arbitrator’s calculation of about $2.55 million in withdrawal liability for the employer.
The settlement agreement resolves a civil suit brought by the DOL, alleging Cactus Feeders Inc. ESOP fiduciaries failed to fulfill their obligations under ERISA during a December 2010 stock transaction.
A judge agreed that the plaintiffs failed to plead facts to state a claim for breach of the duty of prudence and the duty to diversify against the investment committee for the Phillips 66 Savings Plan.
According to the settlement agreement, the university has already made changes to the investment lineup for its 403(b) plans.
A federal appeals court found a district court did not apply the correct standard of review in a case challenging the calculation of lump-sum payments from a defined benefit (DB) plan.
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
The former owner is also barred from serving as a fiduciary, trustee, agent, or representative to an employee benefit plan.
One day after a complaint was filed, Philips North America agreed to pay $17,000,000 to settle the lawsuit questioning its failure to offer a stable value fund and less expensive share classes and investment vehicles for other funds.
A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay $971,622 in restitution to the company’s 401(k) plan.
Aon Hewitt Investment Consulting and Lowe’s are being sued by the participants of the Lowe’s 401(k) retirement plan; the proposed class of plaintiffs puts forward a variety of familiar ERISA fiduciary breach claims.
The plaintiff argues the briefs filed in support of the University of Pennsylvania provide the university an argument word-count advantage and seek to inject irrelevant issues that are not before the court.
The airline company offered the AA Credit Union Fund as its capital preservation vehicle, which the plaintiffs in a lawsuit say yielded “tremendously” poor returns.
A complicated decision out of a Virginia district court weighs the merits of third-party expert commentary in ERISA litigation, in this case pertaining to an allegedly improper ESOP transaction.
The lawsuit alleges Principal used proprietary investment vehicles, rather than other investment vehicles, and share classes with higher fees for the underlying TDF investments, to produce more income for itself and its subsidiaries.