Comparing Employee Retirement Income Security Act (ERISA) cases to trust law cases, a federal judge decided to side with "the great weight of authority in the federal courts holding actions under ERISA to remedy alleged violations of fiduciary duties are equitable in nature," so there is no right to a jury trial.
Tag: retirement plan investments
In their second amended complaint, the plaintiffs argued that the Sequoia Fund purported to be a value fund, but increased investments in Valeant Pharmaceuticals created a “clear indicia of a growth stock,” and did not meet the Sequoia Fund’s purported investing criteria of seeking out value stocks.
FTSE Russell creates index series for asset allocation strategies; Legg Mason reveals short-duration ETF; and Schwab announces additions to ETF OneSource.
The defendants were denied summary judgment on all claims.
The university has pared down to 11 investment options in its 403(b) plan.
The settlement agreement leaves open a chance to bring a new claim regarding the offering of a money market fund in the plan.
The plaintiffs accused Edward Jones of favoring its own investments and those of its “preferred partners” in its 401(k) plan, at the expense of performance; they also raised questions about excess recordkeeping fees.
The settlement amount is $4.5 million, and the Jackson National defendants admit no wrongdoing.
Finding "errors of law" in a district court's decision, the 1st Circuit remanded the duty of prudence claims for review.
The complaint specifically calls out the 11 T. Rowe Price target-date funds (TDFs) offered by the plans, saying they are all adviser or retail class funds—as opposed to investor or institutional class funds.
The Department of Labor’s (DOL)’s Employee Benefit Security Administration’s (EBSA)’s Plan Investment Conflicts (PIC) project investigates issues related to fiduciary service provider compensation and conflicts of interest in relation to plan asset vehicles.
MassMutual Introduces New TDFs; J.P. Morgan Updates TDF Selection Tool; and Krane Funds Advisors Creates CIT for Retirement Plans.
The plaintiffs say that since these experimental funds were added to the plan in 2013, they have consistently underperformed their benchmarks, and have underperformed the funds they replaced by tens of millions of dollars.
TD Ameritrade Adds ESG Investment Models and First Trust Creates Index-Based ETF.
Plaintiffs include in their complaint a substantial amount of backward-looking fund performance data to underpin their failure to monitor claims, comparing the Home Depot offerings to others that could have been purchased.
U.S. District Judge John A. Ross noted in his order that the arguments the defendants advance in support of dismissal are virtually identical to those raised in their original motion which was rejected by the court and, absent a new argument, he is led to the same conclusion not to dismiss the suit.
With Flexible Portfolio, advisers now have the option to personalize a client's portfolio around their views, current holdings and personal circumstances.
The lawsuit contends the plan’s holdings of the parent company's common stock should have been liquidated on or shortly after the date Gannett was separated from its parent.
oekom Research Joins ISS, Renames Brand; T. Rowe Price Releases Multi-Strategy Fund; BNY Mellon Launches Core Plus Fund; and more.
The DOL has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans.