The lawsuit alleged that Deloitte’s 401(k) plan fees were excessive compared to similar plans.
The suit alleges Ventura did not monitor high fees and underperformance of the funds in its investment menu.
A federal district court bounced two fiduciary breach claims brought by participants against Ricoh USA, saying plaintiffs failed “to plausibly allege the committee breached its ERISA-imposed fiduciary duty by charging unreasonable recordkeeping fees."
Class action lawsuit claims firm loaded its 401(k) plan with high-fee, underperforming proprietary funds.
Much of the ruling sides with plaintiffs and permits the case to move to discovery, but the defendants successfully defeat claims related to cross-selling and data-sharing among providers.
The plaintiffs claim familiar allegations pertaining to excessive recordkeeping and administrative fees.
The proposed class action lawsuit challenges excessive managed account fees and the retention of Financial Engines, the managed account service provider.
The plaintiffs in the case alleged various plan fiduciaries breached their duties under ERISA by allowing the payment of excessive fees for recordkeeping and investments.
The district court ruling in the case granted full dismissal of the excessive fee lawsuit, but the 6th Circuit has now reversed parts of the ruling and remanded the case for further litigation.
Case documents show the parties engaged in extensive negotiations before reaching a proposed $1.1 million settlement agreement.
The large medical-device-manufacturing organization is facing familiar fiduciary breach allegations in federal court in Indiana.
The complaint includes not just allegations of excessive fees, but also a charge that fiduciaries offered an underperforming stable value fund.
While some aspects of the plaintiffs’ complaint have been dismissed, the core allegations in the complaint can now proceed to discovery and potentially to trial.
The litigation was originally focused on fiduciary breach allegations leveled against a hospital network—claims which have since been settled—but it also included separate accusations against Principal.
The complaint cites the Supreme Court’s recent ruling in Hughes v. Northwestern University while arguing the plaintiffs have sufficient standing to allege breaches by plan fiduciaries.
The settlement includes both monetary and nonmonetary aspects.
The plaintiffs suggest the plan, its participants and beneficiaries have suffered ‘significant losses totaling millions of dollars,’ and a district court has now allowed their claims to proceed to discovery.
Attorneys representing the plaintiffs in Hughes v. Northwestern University say the Supreme Court’s ruling strengthens fiduciary protections for retirement plan investors, while those attorneys who more often serve ERISA class action defendants foresee a more muted impact.