The lawsuit alleges that GoalMaker served Prudential’s interests at the expense of participants’ by funneling retirement savings into proprietary investment products and into investments that paid revenue sharing to Prudential.
Tag: retirement plan litigation
Plaintiffs challenge the use of proprietary products in Prudential’s defined contribution retirement plans, an arrangement they say impermissibly benefitted the company at the expense of plan performance.
Responding to a case against Intel 401(k) plan fiduciaries, U.S. attorneys say just because retirement plan participants receive investment disclosures doesn't mean they have actual knowledge that a fiduciary breach occurred.
Retirement plans of all sizes are seeing their recordkeeping fee schedules questioned, especially when those fees are expressed as a percentage of assets.
The order comes after an important appellate ruling in the 9th Circuit endorsing the forced arbitration of ERISA claims, but notably, the lawsuit in question here was filed outside the 9th Circuit.
On their third try, participants in CenturyLink's 401(k) plan get a recommendation that one claim move forward.
In addition to the sizable monetary settlement, the defense has agreed to certain changes in the way it pays for recordkeeping and administrative services—though MIT in the end admits no wrongdoing or further liability.
A magistrate judge found that there are genuine issues of material fact as to whether Columbia acted prudently throughout the class period by not consolidating to a single recordkeeper.
The lawsuit points out Goldman Sachs offered lower-cost investment vehicles to institutional clients that it did not use in its own 401(k) plan.
The lawsuit accused Allina Health System defendants of allowing one provider free-reign to add funds to Allina's 403(b) and 401(k) plans, and of failing to monitor investment service providers.
A retirement plan participant who had $99,000 stolen from her account has sued the plan sponsor and plan providers.
The court decided the plaintiffs did not have standing to sue regarding the funds in which they did not invest, and they did not sufficiently prove their other claims.
After ruling on motions about the reliability of certain expert testimony, an expansive decision issued in an ERISA lawsuit filed against SunTrust Bank dismisses some claims but allows others to proceed.
The proposed class action lawsuit alleges plan fiduciaries allowed the plan’s recordkeepers and its investment adviser and/or trustee to receive excessive and unreasonable compensation.
Former participants in AT&T's pension plan say that because factors have not been updated to be in line with reasonable actuarial assumptions, they do not yield actuarially equivalent payments to participants as required by ERISA.
While it rejects one of the defense’s arguments for why its pension plan operated within the bounds of ERISA, in the end, the court ruled plaintiffs’ fiduciary breach claims fail as a matter of law.
However, the judge voiced concerns about the amount of plan assets invested in proprietary products and has granted the plaintiffs leave to again amend their compliant.
It requires a delicate dance between the adviser and the sponsor when tailoring the respective defense strategies.
The plaintiff in the case, in which lower courts sided with Great-West, argues that the lower courts erroneously distinguished plan contracts from any other type of plan asset.
A judge ultimately decided the plaintiff can only assert an action against Nationwide and her plan sponsor, and each of the 250,000 putative class members can only assert causes of action against Nationwide and their own plan sponsors.