Federal Magistrate Judge Recommends Dismissal of ERISA Case Against Dish Network
The plaintiffs have 14 days to resubmit and restate their claim in the excessive-fee case.
Tag: ERISA
Allianz Asset Management 401(k) Participants Allege Self-Dealing
Two participants in the Allianz 401(k) plan allege the asset manager maintained an all-proprietary fund lineup that included expensive, underperforming...
Sports Agency Owner Charged for Allegedly Stealing Retirement Assets
The Houston-based sports agent was served a civil suit by the Department of Labor for allegedly dipping into employee retirement...
ERISA Suit Against Deloitte Dismissed
The lawsuit alleged that Deloitte’s 401(k) plan fees were excessive compared to similar plans.
Court Dismisses 403(b) ERISA Claim Against Employer, But Not the Plan’s Adviser
The sponsor, a Texas counseling service, was protected by a safe harbor provision, but the adviser might not be so...
ERISA Lawsuit Filed Against Ventura Foods
The suit alleges Ventura did not monitor high fees and underperformance of the funds in its investment menu.
BNY Mellon Dismissed, Alight, Colgate-Palmolive Remain in Retirement Theft Lawsuit
A District Court judge dismissed BNY Mellon from an ERISA lawsuit, leaving defendants Alight Solutions and the Colgate-Palmolive employee relations...
Xerox Has Preliminary Settlement In Excessive Fee Lawsuit
The $4.1 million settlement is pending court approval.
Adviser NFP Absolved in ERISA Case; Molina Healthcare and flexPATH Still Face Charges
The plaintiffs in a suit against plan sponsor Molina Healthcare had sought to include advisory NFP for recommending “untested” TDFs....
Certified Financial Planner Board Issues Crypto Guidelines
The nonprofit warns financial planners that crypto-related assets “can be speculative and volatile.”
District Court Dismisses Two ERISA Lawsuits Challenging BlackRock TDFs
A series of lawsuits brought against plan sponsors that use the BlackRock funds as their QDIA received a setback last...
Judge Dismisses Charge of “Unreasonable” 401(k) Fees by Electronics-Maker Ricoh
A federal district court bounced two fiduciary breach claims brought by participants against Ricoh USA, saying plaintiffs failed “to plausibly...
DOL Proposes Changes to Voluntary Fiduciary Correction Program
The proposal would allow fiduciaries to correct certain transactional mistakes and then notify DOL instead of applying for approval beforehand.
DOL Rule Greenlights ESG, But Questions Remain
The new final rule seeks to make ESG permissible for ERISA plans, but specific use will still need to play...
Advisers Get Long-Awaited Clarity on ESG in Retirement Plans
DOL's final rule clears regulatory hurdles for retirement plan fiduciaries to implement, or ignore, ESG investing.
Judge Recommends Dropping Most of $4.2B Retirement Plan Suit Against Nestlé
A U.S. District Court judge sided with Nestlé’s motion to dismiss most of the claims in a 401(k) class action...
Proposed Settlement Would Cost Juniper Networks $3 million
Juniper agreed to a proposed settlement dismissing allegations they mismanaged their sponsored retirement plan; judicial approval still required.
DOL: Plan Sponsors in PEPs Don’t Necessarily Need to Purchase Fidelity Bond
The department of labor clarified in a response letter some of the responsibility and costs that plan sponsors can offload...
Outdated Mortality Table ERISA Suit Filed in Arizona
The lawsuit alleges that Pinnacle West, an electric utility, used outdated mortality tables, causing it to underestimate the present value...
Compliance News
Legislative and Judicial Actions
The DOL updates auditor independence rules; the IRS extends plans’ amendment deadlines for certain CARES Act and Tax Relief Act...