Judge Finds Most Allegations Sufficient in Lawsuit Over CITs
Among other claims, the lawsuit says Aon and a 401(k) plan sponsor caused the plan to invest in Aon’s proprietary collective investment trusts (CITs) for Aon’s benefit.
Tag: retirement plan investments
Compliance
Barnabas Health Retirement Plan Lawsuit Moves Forward
Plan fiduciaries' motions to dismiss the excessive fee suit were denied as a federal judge found the plaintiffs' claims were plausible.
Compliance
Judge Moves Forward ERISA Suit Against Coca-Cola Bottler
The judge found that plaintiffs in the case challenging the use of an actively managed TDF suite rather than its index version have pleaded sufficient claims.
Compliance
ICON Clinical Research Faces Common ERISA Claims
One feature the new complaint has in common with suits filed previously by Capozzi Adler is its reliance on comparing the plan’s expenses for investments and administration services with a group of alleged peers.
Compliance
Judge Moves Forward Claims in Lawsuit Against Schneider Electric
Claims were also moved forward against defendant Aon Hewitt Investment Consulting related to a target-date fund (TDF) switch.
Compliance
Court Again Denies Dismissal of BBVA Lawsuit Alleging 401(k) Mismanagement
The court found that plaintiffs were never given clear instructions for how to exhaust their administrative remedies for claims of fiduciary breaches.
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Actively Managed Funds and High-Cost Share Classes Called Out in ERISA Suit
Participants of a terminated 403(b) plan say the plan sponsor's fiduciary breaches caused them approximately $4.6 million in losses.
DST Systems, Investment Manager Settle Lawsuit Over Risky Retirement Plan Investment
The lawsuit said the DST Systems Inc. profit sharing and 401(k) plans were invested too much in Valeant Pharmaceuticals.
AllianzGI Structured Alpha Funds the Target of Another Lawsuit
The Employees’ Retirement System of the City of Milwaukee says the investment managers' failure to follow the promised investment strategy of the funds resulted in massive losses.
DB Plan Investment Provider and Investment Adviser Sued Over Market Losses
The Blue Cross and Blue Shield Association National Employee Benefits Committee says if the investment strategy of certain funds had been followed, they wouldn't have lost as much this year.
DCIIA Publishes First Paper in Series on Managed Accounts
The primer includes a review of the basics of managed accounts, a description of how they can be offered and considerations for determining if they are right for a particular DC plan.
Share Class Choices Challenged in New 401(k) Lawsuit
The lawsuit says for at least 18 of the 27 mutual fund share classes available within The Vail Corporation plan, the same issuer offered a different share class from that selected by the plan that charged lower fees, and consistently achieved higher returns.
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Investment Product and Service Launches
Stadion Money Management launches custom managed account service; Hartford Funds presents interval fund; OpenInvest partners with LGIMA in ESG solutions; and more.
Lawsuit Challenges Use of Money Market Fund, Actively Managed Funds in 401(k)
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.
GWU Lawsuit Dismissed for Lack of Standing
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.
Market Sentiment for Second Half of 2019 Varies
It’s hard to know what investments to put into place when market watchers are in disagreement, but one thing they can agree on is that retirement investors must stay focused on the long-term.
Process Protects Fiduciaries in Sequia Fund Performance Lawsuit
The ERISA fiduciary duty requires fiduciaries to act with prudence, not prescience, a court said.
Eaton Vance to Pay $3.45 Million to Settle 401(k) Self-Dealing Lawsuit
Nothing in the settlement agreement calls for Eaton Vance to make any changes to its investment menu for the plan.
Plaintiffs in University of Pennsylvania 403(b) Suit Get Second Chance
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.
AXA Fined for Misrepresentations About Bond Funds
FINRA claims AXA Advisors sent disclosures to 401(k) plan sponsors and participants that misrepresented the credit quality of bond funds with group annuity accounts.