The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) announced a series of enforcement actions to protect more than $7 million for workers in retirement plans or health plans governed by the Employee Retirement Income Security Act (ERISA).
A settlement of $4.5 million has been preliminarily approved by a federal court in a consolidated class action lawsuit against Diebold, Incorporated.
The U.S. District Court for the Southern District of New York ruled in favor of an employer sued for its use of a year-old stock valuation when making distributions to participants.
Lawyers representing Labor Secretary Hilda L. Solis have asked the 9th Circuit to overturn a three-judge panel's decision embracing the “presumption of prudence” standard often seen in employer stock-drop lawsuits.
C&K Market Inc. agreed to restore $3 million in cash plus interest and to sell property in order to make restitution for a series of imprudent loans made with plan assets.
Lawyers involved in a stock drop lawsuit against IndyMac Bancorp announced a $7 million settlement.
A federal judge in New York threw out a stock-drop lawsuit against the American Express Company.
The U.S. Department of Labor (DoL) sued the owner of a defunct landscaping company for allegedly paying operating expenses using employee contributions to the company’s savings incentive match plan.
A federal judge in Kansas cleared the way for former YRC Worldwide employees to move forward with their stock-drop suit against the trucking company.
A federal judge in Georgia rejected claims SunTrust Banks breached its fiduciary duty by keeping company stock as an investment option in its 401(k) plan after it was no longer prudent.
In a conference call with the media, Phyllis C. Borzi, Assistant Secretary of Labor at the Department of Labor, described the current fiduciary guidelines as being “arcane.”
For the first time in a generation, the Labor Department has taken another crack at the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA).
The U.S. Department of Labor (DoL) has accused four money management firms of violating their fiduciary duties by causing hundreds of millions of dollars in losses to pension and other benefit plans after placing their investments with Bernard Madoff.
The national law firm of Quarles & Brady announced that Angela Marie Hubbell has joined the firm's Chicago office as a partner in the Employee Benefits & Executive Compensation Group.
A federal judge in Missouri reversed his ruling and gave a St. Peters, Missouri-based silicon wafer manufacturer another chance to argue that a stock-drop lawsuit against it should be thrown out.
A settlement has been preliminarily approved in a consolidated class action lawsuit against National City Corporation.
A federal appellate court has agreed with a lower court judge that an employer was allowed to drop an option allowing participants to move defined contribution plan assets to a defined benefit program.
A federal judge in Pennsylvania made a mistake when he threw out a 401(k) excessive fee case against Unisys Corporation and Fidelity Management Trust Company, the Department of Labor (DoL) contends in court papers.
A federal judge in Michigan has thrown out a fiduciary breach lawsuit against State Street Bank and Trust filed by General Motors 401(k) participants over company stock-related losses.
The first step retirement plan advisers should take to avoid lawsuits is to educate plan sponsors on their role as a fiduciary and their need for insurance, according to Attila Toth, Principal, Portfolio Evaluations.