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Lack of Revenue Sharing Questioned in ERISA Lawsuit
Lack of Revenue Sharing Questioned in ERISA Lawsuit
Retirement plan fiduciary breach lawsuits question the use of revenue sharing far more commonly than they criticize its absence.
Colonial Surety Expands Cyber, Fiduciary Insurance Package
The product offers protection of assets from claims of fiduciary breach and cyber liability coverage.
Most Read
Defined Benefit Plans May Have New Life
Ask the Experts
Can an Alternate Payee Designate a Beneficiary?
Data and Research
Retirement Plan Provider Technology Investments Show Success
Economic Events
The combined value of distributive trade sales and manufacturers’ shipments for June, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,640.8 billion, up 1.4% from May and up 19.9% from June 2020, the Census Bureau announced.

Advance estimates of U.S. retail and food services sales for July, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $617.7 billion, a decrease of 1.1% from the previous month, but 15.8% above July 2020. Total sales for the May through July period were up 20.6% from the same period a year ago. Retail trade sales were down 1.5% from June, but up 13.3% from last year. Clothing and clothing accessories stores were up 43.4% from July 2020, while food services and drinking places were up 38.4% from last year.
Market Mirror
Tuesday, the Dow lost 282.12 points (0.79%) to finish at 35,343.28, the Nasdaq closed 137.58 points (0.93%) lower at 14,656.18, and the S&P 500 decreased 31.63 points (0.71%) to 4,448.08. The Russell 2000 lost 26.24 points (1.19%) to finish at 2,177.17, and the Wilshire 5000 fell 360.03 points (0.78%) to 45,999.99.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.262%. The price of the 30-year Treasury bond increased 2/32, bringing its yield down to 1.925%.
Xerox Faces ERISA Excessive Fee Suit
The plaintiffs claim recordkeeping expenses more than doubled during the time Xerox Corp. used its affiliated recordkeeper. 
Court Revives Part of NYU ERISA Suit
An appellate court found the district court erred in dismissing claims related to the use of higher-cost share classes and in denying the plaintiffs leave to amend their complaint to add more defendants.
Small Talk
ON THIS DATE: In 1587, Virginia Dare became the first child to be born on American soil of English parents. In 1590, John White, the governor of the Roanoke Island colony in present-day North Carolina, returned from a supply-trip to England to find the settlement deserted. In 1894, the Bureau of Immigration was established by Congress. In 1920, the 19th Amendment, granting women the right to vote, was ratified. In 1963, James Meredith graduated from the University of Mississippi. He was the first black man to do so. In 1966, the first pictures of earth taken from moon orbit were sent back to the U.S. In 1982, the longest baseball game played at Wrigley Field in Chicago went 21 innings before the Los Angeles Dodgers defeated the Cubs 2-1. In 1990, the first shots were fired by the U.S. in the Persian Gulf Crisis when a U.S. frigate fired rounds across the bow of an Iraqi oil tanker. In 1992, celebrated Boston Celtics forward Larry Bird retired. In 1997, Beth Ann Hogan became the first coed in the Virginia Military Institute’s 158-year history. In 1997, Patrick Swayze received a star on the Hollywood Walk of Fame.
WEDNESDAY WISDOM: “Remember upon the conduct of each depends the fate of all.”—Alexander the Great, king of the ancient Greek kingdom of Macedon
Industry Intel Roundup—Featured White Paper
PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.
Keep up to date with PLANSPONSOR’s Industry Intelligence
Stay ahead of industry news and trends by checking this page regularly for the latest sponsored white papers.
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