The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
The lawsuit also accuses plan fiduciaries of failing to monitor total plan costs.
The complaint has been dismissed without prejudice, however, and the plaintiffs have until July 28 to attempt to remedy failures in their lawsuit.
A similar lawsuit was filed in May against an investment manager and a different plan sponsor.
Following the filing of various class member objections, a federal district court has denied a settlement agreed to by the parties in an ERISA fiduciary breach lawsuit against Northrop Grumman.
The settlement agreement also calls for the monitoring of plan recordkeeping fees and the plan’s investment options.
Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.
The Department of Labor has taken yet another step forward in what has been more than a decadelong effort to update the fiduciary duty applying to investment professionals serving workplace retirement plans.
The lawsuit argues that while the TDFs in the plan are CITs, they are private label CITs with much higher expense ratios than the typical CITs offered by JPMorgan.
The complaint calls out the warehouse club's use of "more costly ‘actively managed funds’ rather than ‘index funds’ that offered equal or better performance at substantially lower cost."
Secretary of Labor Eugene Scalia says employer-sponsored plans ‘are not vehicles for furthering social goals or policy objectives.’
The 2nd U.S. Circuit Court of Appeals has remanded the litigation suit back to the district court for a second review.
A special valuation was processed before three terminated participants were given distributions of their 401(k) plan accounts.
The lawsuit points to a variety of alleged fiduciary breaches related to the Oshkosh Corp.’s retirement plan’s investment and recordkeeping fees.
The lawsuit alleged the firm violated the Employee Retirement Income Security Act (ERISA) by maintaining the Neuberger Berman Value Equity Fund as an investment option in its plan.
The regional banking company is accused of breaches of the fiduciary duties of prudence and loyalty.
After attorneys suggested ways to help streamline the trial, the judge instructed the parties to inform the court of the reduced number of trial days now necessary for receiving evidence and arguments.
In yet another lawsuit involving the law firm Capozzi Adler, violations of the fiduciary duties of prudence and loyalty are alleged.
The underlying allegations in the case involve the 2012 spinoff of Phillips 66 from the ConocoPhillips Corp., a large oil and gas company.