After ruling on motions about the reliability of certain expert testimony, an expansive decision issued in an ERISA lawsuit filed against SunTrust Bank dismisses some claims but allows others to proceed.
Tag: retirement plan fees
The proposed class action lawsuit alleges plan fiduciaries allowed the plan’s recordkeepers and its investment adviser and/or trustee to receive excessive and unreasonable compensation.
A judge ultimately decided the plaintiff can only assert an action against Nationwide and her plan sponsor, and each of the 250,000 putative class members can only assert causes of action against Nationwide and their own plan sponsors.
Safeway and Aon Hewitt Investment Consulting will pay a combined $8.5 million to settle two lawsuits accusing them of causing excessive fees in Safeway's 401(k) plan.
However, a U.S. District Judge affirmed a motion to dismiss a claim alleging a prohibited transaction between MIT and Fidelity Investments.
Among other things, a federal court judge found the director of benefits at Kaleida Health and the retirement plan committee of its 403(b) and 401(k) plans were fiduciaries.
When the wave of excessive fee cases began against retirement plan sponsors, most targeted large or mega plans, based on assets. However, a new case against TriHealth Inc. continues a trend of targeting smaller plans.
The complaint accuses BBVA Compass of mismanaging a $100 million money market fund “that was the investment equivalent of stuffing cash into a mattress” and failing to properly monitor investments and remove imprudent ones.
In a case alleging George Washington University violated ERISA fiduciary duties with regard to retirement plan fees, a federal judge found the plaintiff had waived her right to sue in a previous agreement.
Participants allege Adidas’ decision-making, monitoring and soliciting bids from investment funds was deficient
This was one of Fidelity's arguments in a memorandum to support its motion to dismiss a consolidated lawsuit alleging it is receiving “secret” or “kickback” payments from providers on its FundsNetwork platform.
Of that amount, $395,000 will go to class counsel, and there were no conditions of change to plan design or processes in the settlement agreement.
A BrightScope/ICI study also found collective investment trusts (CITs) accounted for a larger share of assets in larger plans than smaller plans.
With its fee reduction, 21 of the 22 Fidelity Freedom Index Funds will have total net expenses lower than comparable Vanguard index target-date funds, Fidelity says.
The lawsuit accuses the sponsor of a small 401(k) plan with failing to monitor and correct excessive fees.
An appellate court revived two claims in the lawsuit that had been previously completely dismissed by a District Court, but in a dissenting opinion, one judge expressed concern about permitting implausible allegations to result in a large settlement.
City National argued that if a District Court had considered certain offsets to the damages award, it would have been clear that the bank never received more compensation than necessary for performing recordkeeping services for its own plan.
Vanderbilt will conduct a request for proposals (RFP) for a new recordkeeper, among other things.
Fewer than one in ten “mega plans,” those with assets greater than $1 billion, had a fully bundled structure as of the end of 2018, according to new data provided by Callan.
Anthem has agreed to pay $23.6 million to settle the lawsuit in addition to non-monetary terms.