The Phillips 66 retirement plan committee has been sued for allowing ConocoPhillips stock funds to be included in the plan's investment lineup.
Tag: Participant Lawsuits
The Eight Circuit Court of Appeals has backed the decision of a lower court to summarily dismiss a lawsuit filed by participants in an over-funded defined benefit plan run by U.S. Bank.
The case is among a number filed that challenge the “church plan” status of a health care entity’s retirement plan.
In a world of heightened fiduciary scrutiny, plan sponsors need to pay close attention to the language of fiduciary insurance policies.
ERISA attorneys and practice leaders give their take on the intense political grappling that has become the norm in Washington under a Republican majority.
Broker/dealers (B/Ds) can address new regulatory pressures, and new competition, by enhancing their value proposition and embracing technology, a report by Cerulli suggests.
The plaintiffs’ allegations regarding what they allege to be an excessive amount of investment options was summarily tossed by the court, which cites a number of important recent cases as precedence; however, claims regarding excessive recordkeeping fees and providers will proceed.
Although the court dismissed claims regarding risky investments in TDFs and participant fee disclosure failures, Verizon still faces a charge regarding an underperforming investment.
Participants of the of the Delta Family-Care Savings Plan sued Fidelity entities regarding excessive fees charged for the plan’s advice offering as well as its self-directed brokerage account (SDBA) option.
Participants in GE's 401(k) plan allege the company retained proprietary investments in the plan, even when they were imprudent, in order to earn revenue.
A participant says a plan with more than $157 million in assets has the bargaining power to negotiate lower fees for administration and plan investments.
A federal judge dismissed a consolidated case against Wells Fargo's 401(k) plan fiduciaries.
They are focusing on their fiduciary responsibilities by moving to lower-cost investment options.
The case had challenged multiple recordkeepers, multiple investment options and the use of retail share class funds.
A participant accuses the firm of failing to prudently monitor and assess investment options for the plan.
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."
Both parties together filed some 1,000 pages of paperwork, which the court declined to consider in denying the employer's motion to dismiss, in which it argued its plan administration practices fit within established norms.
The lawsuit alleges that Voya charged the plan “an unreasonable asset-based fee of between 0.67% and 1.86% of the net assets invested in the various mutual funds offered as investment options.”
Defendants pursued an “exceptionally imprudent investment strategy” with respect to a significant portion of the DST System retirement plan’s assets, plaintiffs claim, resulting in up to $100 million in avoidable losses.
A review of fiduciary governance and the liability insurance policy can help 403(b) plan sponsors steer clear of the litigation whirlwind hampering the industry today.