The lawsuit accuses the sponsor of a small 401(k) plan with failing to monitor and correct excessive fees.
Tag: retirement plan litigation
Rather than filing an Employee Retirement Income Security Act (ERISA) action in federal court, the plaintiffs filed the complaint in state court alleging the Archdiocese of Newark violated New Jersey contract and trust law.
Nothing in the settlement agreement calls for Eaton Vance to make any changes to its investment menu for the plan.
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.
The advisory firm of Slocum & Associates will not face class-action claims and has prevailed on some summary judgement arguments, but the ruling allows certain individual claims to proceed.
Details of the settlement agreement will be available by approximately May 15.
City National argued that if a District Court had considered certain offsets to the damages award, it would have been clear that the bank never received more compensation than necessary for performing recordkeeping services for its own plan.
Vanderbilt will conduct a request for proposals (RFP) for a new recordkeeper, among other things.
Beyond the issue of excessive compensation, the lawsuit questions the collection of “float interest” and asks whether BTG International permitted a provider to create a “captive market for 401(k) rollovers.”
The district court rules SafeWay’s dismissal motions conflate the principle that investment decisions should not be evaluated based on hindsight with the need to use historic information available at the time the decision was made.
Plaintiffs in the long-standing Amara v. CIGNA case say the company is using alternative methods than what a court ordered to calculate cash balance plan benefits that would take away "hundreds of millions of dollars in the relief provided to remedy CIGNA’s disclosure violations.”
The complaint says Boeing should have warned defined contribution plan participant invested in the company's stock that issues the company was having caused the stock price to be inflated.
Anthem has agreed to pay $23.6 million to settle the lawsuit in addition to non-monetary terms.
The recordkeeping and investment firm has emphatically denied allegations leveled in multiple lawsuits suggesting it collects “secret payments” and “kickbacks” from external fund providers.
Specifically, the petition filed by participants in Chevron's DC plan asks the Supreme Court to answer: “In pleading a breach of fiduciary duty under ERISA, is it sufficient for a plaintiff to allege a deficient decision-making process indirectly through inferences from the facts known to her?”
There are an abundance of lessons to be learned by examining the many twists and turns of Tussey vs. ABB, one of the original examples of retirement plan fee litigation filed under ERISA.
The lawsuit accuses Eaton Vance defendants of unlawful self-dealing with respect to a company retirement plan, in violation of ERISA and to the detriment of participants and beneficiaries.
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.
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.