Given a second chance to argue their case, participants in a Wells Fargo retirement plan have again failed to meet the steep pleading standards set out by the influential Supreme Court decision known as Fifth Third vs. Dudenhoeffer.
Plaintiffs in the lawsuit are participants and beneficiaries of the Rainbow Disposal Co., Inc. Employee Stock Ownership Plan, who seek to restore losses to the plan and to otherwise remedy a complicated series of alleged breaches of fiduciary duty.
The settlement agreement resolves a civil suit brought by the DOL, alleging Cactus Feeders Inc. ESOP fiduciaries failed to fulfill their obligations under ERISA during a December 2010 stock transaction.
A federal district court has entered a consent judgment requiring the fiduciaries of the Sonnax Industries’ employee stock ownership plan (ESOP) to pay $2,225,000 to the plan.
A complicated decision out of a Virginia district court weighs the merits of third-party expert commentary in ERISA litigation, in this case pertaining to an allegedly improper ESOP transaction.
In an interview with PLANADVISER, Jerry Ripperger, vice president of consulting at Principal, highlights a new, fee website the firm has rolled out to help advisers and their clients explore the potential benefits of launching employee stock ownership plans as part of a broader ownership transition.
The lawsuits alleged that First Bankers Trust violated the Employee Retirement Income Security Act when it approved stock purchases by three employee stock ownership plans.
Nominating a plan sponsor client is a great way to show appreciation
and highlight important best practices that are improving outcomes for defined
contribution and pension plan participants. Nominations for all types of
retirement plans will be considered, so don’t delay.
A court used plain language of the ESOP plan document to show the plan administrator's failure to implement participants diversification elections was "arbitrary and capricious."
The legislation would reform the Securities and Exchange Commission (SEC) Rule 701, which imposes a slew of regulations on small businesses, especially newly formed start-ups.
A federal court held that First Bankers breached its fiduciary duties to the plan’s participants by failing to conduct a prudent investigation into the fair market value of the shares.