In its rejection, the court said the plaintiff, who took issue with the plan’s use of the Fidelity Freedom Funds TDF series, did not allege facts that proved imprudent conduct.
Tag: ERISA litigation
The plaintiffs argue the plan lost ‘tens of millions of dollars’ in retirement savings due to the retainment of Northern Trust Focus Funds.
The $12.5 million agreement excludes co-defendant Aon Hewitt.
One feature the new complaint has in common with suits filed previously by Capozzi Adler is its reliance on comparing the plan’s expenses for investments and administration services with a group of alleged peers.
The plan was being sued for allegedly reducing such benefits by applying an ‘Early Retirement Factor.”
An economic consultant discusses what plan fiduciaries should consider during this uncertain period and future litigation to look out for.
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.