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.
Tag: ERISA litigation
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.