The underlying allegations in the case involve the 2012 spinoff of Phillips 66 from the ConocoPhillips Corp., a large oil and gas company.
Tag: retirement plan litigation
The agreement also calls for the university to issue an RFP for recordkeeping services and engage an independent consultant to review investments, among other things.
Plan participants allege prohibited transactions between a plan sponsor and its investment manager relating to a revamp of the plan's investment lineup.
A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor.
In other ways, the excessive fee lawsuit is identical to others filed by law firm Capozzi Adler.
A payment of $9 million will be made to “fully, finally and forever resolve, discharge and settle the released claims.”
The district court’s partly overturned ruling against the plaintiffs followed the school’s standard filing of a motion to dismiss for failure to state a claim.
After years of litigation and an eight-day bench trial, neither side can claim complete victory in the complicated case of Ramos v. Banner Health.
A federal judge noted that the pandemic will affect civil jury trials in the Southern District of New York “for a considerable and presently unknowable time to come.”
The plan in question has about $800 million in assets, meaning it is quite a bit smaller than many other employers that have faced fiduciary breach lawsuits.
The interim ruling permits the lawsuit to proceed to discovery and emphasizes the importance of language included in summary plan descriptions.
The case is an example of class action fee litigation targeting a ‘large’ rather than a ‘jumbo’ plan, as the Aegis retirement plan under scrutiny holds less than $1 billion.
The lengthy new complaint stretches over some 150 pages and includes 12 counts that echo those filed last week in a separate lawsuit targeting an ADP multiple employer plan.
The plan's investment adviser is also named as a defendant, accused of helping select and retain high-cost, poorly performing funds.
The lawsuit almost completely mirrors allegations in complaints recently filed by the same law firm.
A district court judge dismissed the case on the basis that plaintiffs had not sufficiently alleged an alternative course of action that their plan fiduciaries could have taken.
The complaint notes that the definition of compensation for deferral purposes in the plan document includes tips received.
The plaintiffs say there is additional evidence for their claims, “such as incorrect reporting on mandatory Department of Labor disclosures about the amount of administrative fees paid by [the] participants.”
The DOL alleged Wilmington Trust caused losses to ESOPs when it authorized them to pay more than fair market value for privately held employer stock.
A court found most actions alleged in participants' complaint were not fiduciary functions.