Tag: ERISA

Some SunTrust Stock Drop Claims Thrown Out

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.

DoL Broadens Fiduciary Net

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).

 

DoL Sues Money Managers over Madoff Losses

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.

Employer in Stock Drop Case Gets 2nd Chance

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.

DC to DB Transfer Elimination Upheld

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.

DoL Urges Unisys Fee Case Reversal

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.

State Street Stock Drop Suit Gets Tossed

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.

PANC 2010: Hidden Traps of ERISA

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.

Court Throws Out Cash Balance Conversion Suit

A federal appellate court has cleared Solvay Chemicals Inc. of wrongdoing in its cash balance plan conversion, but sent a narrowly drawn notice issue back to a lower court for further hearings.  

General Growth Settles Stock Drop Suit

General Growth Properties, the second-largest U.S. Mall owner, in the process of emerging from bankruptcy, has agreed to a $5.75-million settlement of a 401(k) stock-drop case.

Court Dismisses FA Suit over Merrill WealthBuilder

Merrill Lynch’s WealthBuilder Plan did not violate the Employee Retirement Income Security Act (ERISA) because it was a top-hat plan, a federal judge ruled in throwing out a proposed class-action lawsuit by three financial advisers against the company.

Court Finds Plan Trustee Could not Act on Knowledge of Breaches

A federal court in Illinois ruled that participants of the Antioch Company Employee Stock Ownership Plan are not barred from moving forward with their claim that company fiduciaries and GreatBanc Trust Co. breached their duties under the Employee Retirement Income Security Act.