Tag: Lawsuits

The defined contribution retirement plan market saw an unprecedented number of lawsuits brought against plan sponsors and their providers in 2016, according to Cerulli Associates. 

The latest example of retirement plan fee litigation questions the offering of an “easy enrollment” function that favored investment into the company’s own TDF mutual funds. 

A concise example of summary judgement published by the 2nd U.S. Circuit Court underscores retirement plan fiduciaries’ absolute duty to diversify and carefully administer participant assets. 

As investment adviser to the Checksmart 401(k) plan, Cetera Advisor Networks, has been accused of breaching fiduciary duties by only making available high cost funds to the plan.

LMCG Investments adds to small-cap offerings; Voya Financial expands access to its target-date mutual fund series; Fringe Benefits Design partners with Redhawk Wealth Advisors for ERISA fiduciary services. 

Supporters say the California Secure Choice Retirement Savings Program will provide a voluntary, low-risk, auto-enrollment retirement savings plan for many uncovered workers in the state. 

Retirement plans across the U.S. argued they were misled about the riskiness of funds exposed to the firm’s much-maligned “London Whale” trading losses in 2012. 

An appellate court ruled that the decisions to amend the plan and transfer certain assets to an annuity contract were settlor, not fiduciary, functions.

Fiduciaries should do everything possible to overcome perceived impediments to diversifying retirement plan assets, a judge found.

Some have taken the Supreme Court’s decision in Tibble vs. Edison as paving the way for increased litigation based on the “duty to monitor,” but this is not...

Ameriprise Financial has agreed to settle a closely watched Employee Retirement Income Security Act (ERISA) suit, Krueger v. Ameriprise Financial, for $27.5 million in plan reimbursements and remedies.

Multinational pharmaceutical company Sanofi is being investigated for possible ERISA violations after continuing to offer company stock as a retirement plan investment option, despite alleged knowledge that it...

A recent $140 million fiduciary breach settlement involving Nationwide Financial should be a call to action for retirement specialist advisers, says David Witz of Fiduciary Risk Assessment LLC.

A lawsuit filed by the Massachusetts Bay Transportation Authority (MBTA) pension fund claims New York investment manager Alphonse Fletcher Jr. defrauded investors of $50 million.

A federal district court in northern Indiana ruled a retirement plan sponsor must pay nearly $4,500 in penalties for failing to provide historical, plan-related documents.

The Department of Labor (DOL) won judgment from a federal district court to have funds restored to a retirement plan based in Ayer, Massachusetts.

Frederick J. O’Meally had a final judgment entered against him by a federal court in New York stemming from an action filed by the Securities and Exchange Commission...

A $220 million settlement agreement resolves a lawsuit brought by the Department of Labor against four investment management firms.

The 2nd U.S. Circuit Court of Appeals reversed a lower court’s dismissal of a securities fraud lawsuit brought by four pension funds.