Wells Fargo Wins Some, Loses Some in Self-Dealing Case
A federal court judge has certified as a class action a lawsuit against Wells Fargo over offering mutual funds from one of its affiliates as 401(k) plan investments.
Tag: Participant Lawsuits
PwC Cleared of Anti-Cutback Claims over BofA Plan Transfers
A federal court has dismissed claims that PricewaterhouseCoopers knowingly participated in a violation of the Employee Retirement Income Security Act (ERISA) anti-cutback rule by allowing Bank of America...
Securities Litigation Declined in 2009
Securities litigation declined significantly in 2009 compared with 2008, according to a study by accounting firm and consultant PricewaterhouseCoopers.
Court Finds Principal not a Fiduciary in 401(k) Rollover Case
A federal district court recently denied class certification in a lawsuit relating to the rollover of funds from 401(k) plans nationwide for which Principal Life Insurance Company provided...
Supreme Court Sends Investment Adviser Fee Case Back to 8th Circuit
The U.S. Supreme Court has sent a case contending that Ameriprise Financial’s fund fee structure violated the Investment Company Act back to the 8th U.S. Circuit Court of...
High Court Sides with Investors in Fee Case
The U.S. Supreme Court has ordered a federal appellate court to take another look at its ruling that mutual fund managers can only be held liable for charging...
Court Dismisses Fiduciary Breach Claims against KV Pharmaceutical
A federal court has dismissed claims by employees of KV Pharmaceutical Co. that the company breached its fiduciary duties by continuing to offer company stock in the its...
IMHO: Court “Case”
For all the fuss about fees, a recent friend of the court filing by the Department of Labor reminds us that it’s not just what you...
Solis Asks Court to Overturn Exelon Excessive Fee Case Decision
Secretary of Labor Hilda L. Solis has filed an amicus brief asking the 7th U.S. Circuit Court of Appeals to overturn a trial court's dismissal of a class...
Securities Class Actions on the Rise
The value and number of securities class-action settlements increased in 2009 from 2008, according to "Securities Class Action Settlements: 2009 Review and Analysis," an annual report by Cornerstone...
Industry Groups Ask 2nd Circuit to Uphold Dismissal of Citigroup Stock-Drop Case
The ERISA Industry Committee (ERIC), joined by the American Benefits Council, have filed a friend of the court brief urging the 2nd U.S. Circuit Court of Appeals to...
Court Moves Forward Stock-Drop Claims against Manufacturer
A federal court has ruled that participants in the 401(k) plan sponsored by MEMC Electronic Material can move forward with their Employee Retirement Income Security Act fiduciary breach...
Court Dismisses Most Claims in State Street Stock Suit
A federal court has dismissed most claims against State Street Corporation and its retirement plan fiduciaries regarding the offering of company stock as an investment in its employee stock...
Medtronic Wins Company Stock Suit
A federal court has ruled that Medtronic Inc. did not breach its fiduciary duties by continuing to offer company stock as a retirement plan investment during a period...
Law Office Investigating Schweitzer-Mauduit International Retirement Plan
The law office of Brodsky & Smith, LLC, announced it is investigating the investment of Schweitzer-Mauduit International, Inc., retirement plan participants' and beneficiaries' assets in company stock.
Court Dismisses Claims against Amgen in Stock-Drop Case
A federal court found no evidence that Amgen, Inc., breached its fiduciary duties by continuing to offer company stock in its retirement plans.
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The Path Ahead
Plan sponsors want more fee disclosure, and regulators will likely require it soon. That is both a threat and an opportunity for advisers.
Forcing Terminated Participants out of Company Stock not ERISA Violation
A federal court has ruled that a sponsor of an employee stock ownership plan did not breach its fiduciary duties by amending the plan to force terminated employees...
Nokia Focus of 401(k) Investigation
Yet another employer has fallen prey to the one-two punch of a sharp drop in stock price—and the sting of a 401(k) stock-drop lawsuit.
Law Firm Investigates Toyota for ERISA Violations Related to Gas Pedal Defect
The Law Offices of Howard G. Smith has announced its investigation of potential violations of the Employee Retirement Income Security Act violations by Toyota Motor Corporation, related to...