Court Dismisses Lawsuit Over Inclusion of Former Parent Stock in Retirement Plan
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...
Tag: ERISA litigation
Settlement Preliminarily Approved in University of Chicago Excessive Fee Suit
According to the settlement agreement, the university has already made changes to the investment lineup for its 403(b) plans.
Plan Sponsors Must Be Given Deference in Lawsuits Challenging Ambiguous Plan Terms
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...
University of Rochester Called Out for Excessive Fees Paid to TIAA
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
Court Orders Past Trustee to Reimburse Plan Beneficiaries
The former owner is also barred from serving as a fiduciary, trustee, agent, or representative to an employee benefit plan.
401(k) Plan Excessive Fee Lawsuit Filed, Settlement Reached
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...
DOL Wins Restitution of Misused 401(k) Assets
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...
Aon Hewitt Investment Consultants, Lowe’s 401(k) Plan Latest Target of ERISA Lawsuit
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...
UPenn 403(b) Suit Plaintiff Files Opposition to Amicus Briefs
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...
American Airlines Challenged for Not Offering Stable Value Fund in 401(k)
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.
Judge Rejects Parts of DOL ESOP Expert Commentary in Fiduciary Breach Litigation
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...
401(k) Plan Participants Challenge Principal’s Management of TDFs
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...