DOL’s ERISA Lawsuit Targets MEP Administrator
Kentucky mining industry plan fiduciaries face allegations that they failed to remit participant salary deferrals.
ERISA Complaint Alleges $751K Retirement Account Thievery
The entire retirement account balance of a Colgate-Palmolive retirement plan participant who lives in South Africa was distributed to a bank account in Las Vegas.
Retirement Plan Advisers Might Help Lessen ERISA Lawsuits by Adding Defensive Provisions
Humana Faces Classic Prudence Claims in New ERISA Lawsuit
According to the plaintiffs, the plan’s fiduciaries did not try to reduce the plan’s expenses, resulting in the assessment of excessive fees.
Court Returns Mixed Ruling in Schwab ERISA Self-Dealing Suit
The detailed ruling comes after Schwab defendants moved to dismiss in part the plaintiff’s second amended complaint.
Johnson and Johnson Faces Stock Drop ERISA Lawsuit
Plaintiffs allege plan fiduciaries should have known the company’s stock price was artificially inflated—and that fiduciaries breached their duties of prudence and loyalty by continuing to offer J&J stock in the retirement plan.
District Court Rules for American Century After Fiduciary Breach Trial
The decision goes into significant detail, but in essence plaintiffs’ approach failed because they relied on bare cost comparisons and statements of industry averages, failing to show any actual fiduciary breach occurred.
Federal Courts Still Parsing Prudent Plan Administration
Attorneys with Mayer Brown say there has been little consensus or direction from the federal courts (at least so far) as to what exactly constitutes prudent administration of tax-qualified benefit plans; this will remain a challenge in 2019 and beyond.
Empower ERISA Revenue-Sharing Lawsuit Voluntarily Dismissed
The court officially ended the case by approving a dismissal motion jointly filed by the parties.
Transamerica Faces Familiar Allegations in ERISA Complaint
Similar to a lawsuit the firm settled a few years ago, a newly filed district court complaint says Transamerica “saddled its defined contribution plan participants with substandard investment portfolios that were managed by an affiliate.”
2018 Delivered Key Decisions in ERISA Cases
ERISA lawsuits very often lead to settlements or dismissals, but 2018 brought a series of important and potentially precedent-setting decisions in both district and appellate courts.
GE Dismissal Motions Mostly Flop in ERISA Self-Dealing Lawsuit
The judge approved just one part of General Electric’s motion to dismiss an ERISA lawsuit alleging self-dealing, allowing seven counts to proceed to discovery.
9th Circuit Reverses Dismissal of Intel Alternative Investment Suit
The appellate panel concluded that disputes of material fact exist as to the timing of the plaintiff’s actual knowledge of the alleged fiduciary breach, precluding summary judgment for untimely filing; after a detailed discussion of ERISA requirements, the case is remanded for further district court proceedings.
Settlement Proposed in BB&T ERISA Self-Dealing Litigation
The case has been vigorously litigated for over three years; now, just weeks ahead of a scheduled trial, negotiations between the parties have delivered a resolution, pending a judge’s approval.
Washington University Defeats 403(b) Lawsuit
According to the court, the consolidated complaint “pleads no facts sufficient to raise a plausible inference that defendants took any of the actions alleged for the purpose of benefiting themselves or a third-party entity.”
Compliance News
DOL Sues Retirement Plan Fiduciaries for Misusing Plan Assets
A federal district court judge entered a judgment requiring Michael Lewis, former president of Acme Orthotics and Prosthetic Laboratories Inc., to restore $128,535.75 in losses owed to the company’s Profit Sharing 401(k) Plan and Trust.