Regulatory & compliance | litigation
A Question of Liability
When the rash of litigation yields scant legal precedent, what can advisers take away?
Tag: ERISA litigation
AT&T Defeats ERISA Suit Over Early Retirement Benefits
The plan was being sued for allegedly reducing such benefits by applying an ‘Early Retirement Factor.”
PANC 2020: Taking an Economic View of ERISA Litigation
An economic consultant discusses what plan fiduciaries should consider during this uncertain period and future litigation to look out for.
Compliance News
Legislative and Judicial Actions
Key legislation, regulations and litigation from Washington, D.C., and the courts.
SEI Faces ERISA Self-Dealing Lawsuit in District Court
The lawsuit makes sweeping claims about conflicts of interest in the defined contribution retirement plan industry, suggesting financial services companies deserve extra scrutiny.
Closely Watched Case Regarding Burden of Proof Dismissed And Settled
A significant split among circuit courts on this issue remains unresolved.
District Court Ruling in Multiemployer Pension Withdrawal Case Okays Use of Segal Blend
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....
DOL Investigation Results in $5 Million ESOP Settlement
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...
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...
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.