Compliance

District Court Admits Error in ERISA Lawsuit Ruling

The district court’s new decision comes after its previous move denying defendants’ motion for summary judgment against plaintiffs’ claims, which cover a variety of fiduciary breach allegations; a new ruling is now forthcoming. 

ESOP Fiduciaries to Pay More Than $2 Million to Settle DOL Lawsuit

The Department of Labor sued Sonnax Industries, company officers and ESOP fiduciaries Tommy Harmon and Frederick Fritz, and Illinois-based First Bankers Trust Services Inc. in December 2016, alleging the fiduciaries had the plan overpay for Sonnax Industries stock by millions of dollars.

Fiduciary Compliance and Best Practices

Fred Reish, partner at Drinker, Biddle and Reath, told attendees of the Plan Sponsor Council of America 71st Annual National Conference, from his perspective, plan sponsors have a “best practices hat,” meaning “plan sponsors have an option of going beyond looking at what benefits the participants or employer. Meeting minimal objectives of the law is not the goal.”