According to the recent complaint, Fidelity has breached its fiduciary duties to retirement plans by charging mutual fund and other investment companies a substantial fee as a condition for their investment vehicles being offered on Fidelity’s fund platform.
Tag: retirement plan litigation
The plaintiffs say Putnam's question to the Supreme Court on whether the plaintiff or the defendant bears the burden of proof on loss causation under Employee Retirement Income Security Act is premature in the case and overstates the purported circuit split.
A 2nd U.S. Circuit Court of Appeals decision reversed the company’s District Court win in a lawsuit alleging imprudence in managing company stock investments in one of its retirement plans.
The agreement also calls for Brown to to try to further reduce recordkeeping fees from the plans’ two recordkeepers and conduct a request for proposal (RFP) process for the role of independent investment adviser to the plans.
The question of what facts or actions create “actual knowledge” of alleged wrongdoing, recently tested in the 9th Circuit, are critical in ERISA litigation and play a key role when judges are asked to time-bar claims.
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.
Despite a setback for Oracle at the class certification stage, a new ruling out of a federal court in Colorado pushes back strongly against many—but not all—of the plaintiffs’ claims.
The Department of Labor's Employee Benefits Security Administration determined he defrauded $2 million from the Rehabilitation Center for Children & Adults Inc. Pension Trust
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.
Vanderbilt University joins Duke University and the University of Chicago in settling claims about 403(b) plan mismanagement.
Putnam Investments has asked the U.S. Supreme Court to weigh in on whether the plaintiff or the defendant bears the burden of proof on loss causation under the Employee Retirement Income Security Act (ERISA) and whether showing that particular investment options did not perform as well as a set of index funds selected by the plaintiffs with the benefit of hindsight, suffices as a matter of law to establish losses to the plan.
The lawsuit accuses Fidelity of requiring "secret" payments from funds to make up for declining amounts of revenue sharing payments received by the firm as a result of the increasing use of passive mutual funds, institutional and R6 share classes of mutual funds and collective trusts
Fiduciary defendants were accused of allowing unreasonable expenses to be charged to participants for administration of the plan and of retaining high-cost and poor-performing investments.
Plaintiffs' claims over retirement plan investment and administration fees against the University of Southern California may now proceed.
In addition, the company will select a non-proprietary target-date fund (TDF) for its 401(k) investment lineup and increase the company match contribution rate for three years.
After giving plaintiffs a second chance at offering alternative action Exxon could have taken, the court again found the suggested action was something plan fiduciaries could believe would do more harm than good.
The court found MassMutual did not breach provisions of a prior settlement to which the plaintiff was bound.
The defendants were denied summary judgment on all claims.
The complaint alleges that Stadion Money Management and Mutual of Omaha abused their managed account arrangement by putting their own interests ahead of participants’.
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.