A wide-ranging ERISA fiduciary breach complaint suggests the firm failed to adequately monitor fees and permitted unnecessary, excess fees on the investment menu.
After years of litigation, the plaintiffs and defendants have jointly moved for entry of an order referring the case to mediation before a neutral third party.
The lawsuit alleges that GoalMaker served Prudential’s interests at the expense of participants’ by funneling retirement savings into proprietary investment products and into investments that paid revenue sharing to Prudential.
No judge of the 9th Circuit has requested a vote on a petition for rehearing Dorman vs. Charles Schwab, in which a three-judge panel held ERISA claims may in some cases be forced into arbitration.
Plaintiffs challenge the use of proprietary products in Prudential’s defined contribution retirement plans, an arrangement they say impermissibly benefitted the company at the expense of plan performance.
Responding to a case against Intel 401(k) plan fiduciaries, U.S. attorneys say just because retirement plan participants receive investment disclosures doesn't mean they have actual knowledge that a fiduciary breach occurred.
Retirement plans of all sizes are seeing their recordkeeping fee schedules questioned, especially when those fees are expressed as a percentage of assets.
The order comes after an important appellate ruling in the 9th Circuit endorsing the forced arbitration of ERISA claims, but notably, the lawsuit in question here was filed outside the 9th Circuit.
On their third try, participants in CenturyLink's 401(k) plan get a recommendation that one claim move forward.
In addition to the sizable monetary settlement, the defense has agreed to certain changes in the way it pays for recordkeeping and administrative services—though MIT in the end admits no wrongdoing or further liability.
Leading up to its own acquisition by the larger Broadridge organization, Fi360 had been actively acquiring other fiduciary solutions firms, aiming to build a comprehensive suite of RIA services.
The court decided the plaintiffs did not have standing to sue regarding the funds in which they did not invest, and they did not sufficiently prove their other claims.
Retirement plan service providers generally support making electronic delivery of documents the default, but print communication industry organizations and some consumer groups say the paper default should remain.
After ruling on motions about the reliability of certain expert testimony, an expansive decision issued in an ERISA lawsuit filed against SunTrust Bank dismisses some claims but allows others to proceed.
Former participants in AT&T's pension plan say that because factors have not been updated to be in line with reasonable actuarial assumptions, they do not yield actuarially equivalent payments to participants as required by ERISA.
While it rejects one of the defense’s arguments for why its pension plan operated within the bounds of ERISA, in the end, the court ruled plaintiffs’ fiduciary breach claims fail as a matter of law.
However, the judge voiced concerns about the amount of plan assets invested in proprietary products and has granted the plaintiffs leave to again amend their compliant.
It requires a delicate dance between the adviser and the sponsor when tailoring the respective defense strategies.
Expert attorneys and fiduciary insurance carriers demonstrate how advisers can put their best foot forward.
Both the U.S. Solicitor and the Pension Rights Center argue that current funded status of a defined benefit (DB) plan is not a proper measure for whether the participants have a right to sue for breaches of fiduciary duties and prohibited transactions under ERISA.