A federal judge had dismissed claims related to one of the university’s plans, but a new complaint, and a new plaintiff, bring back those claims.
While some claims were dismissed, others were moved forward.
Along with non-monetary relief, Allianz will pay $12 million into a common fund for the benefit of class members, to be allocated pro rata among the members in proportion to their account balances in the plan during the relevant period.
On the motion for reconsideration of its previous choice to rule against summary dismissal, the court is quite skeptical. It has agreed, on the other hand, to stay the proceedings ahead of a 3rd U.S. Circuit Court of Appeals decision.
A judge ultimately found that Great-West Life & Annuity Insurance Company was not a fiduciary with respect to the fund and the plaintiff did not show that, as a party-in-interest, the company knew its actions violated ERISA.
So far, reporting seems to suggest that the numerous fraudulent comments submitted to DOL regarding the fiduciary rule were done so mainly with stolen or outright fake identities of individuals, rather than, say, those of employers or financial services providers.
Although the case involves an employer-provided life insurance plan, it has lessons for what constitutes a QDRO for all ERISA plans.
Following news of Preston Rutledge’s approval by the full Senate to head the Employee Benefits Security Administration, several retirement industry advocacy groups voiced their support in short statements.
Proprietary fund lawsuits are viewed by plaintiffs’ firms as one of the types of excessive fee cases that are likely to get past motions to dismiss; and so it stands to reason that more—potentially many more—of these lawsuits are on the way.
The bill does not impact tax breaks for retirement savings.
Drawing on a number of recent decisions, the district court ruled the plaintiffs did not adequately describe how the offering of a fund in which they did not invest caused a non-speculative injury.
Preston Rutledge seems to be enjoying relatively little opposition as he moves closer to becoming the Assistant Secretary of Labor for the Employee Benefits Security Administration—a key position in the federal government tasked with enforcing ERISA.
Investors are generally capable of looking out for their own interests and should have freedom of access to shop the financial services marketplace for retirement income guarantees, the Insured Retirement Institute argues in a new comment letter to the SEC.
The complaint seeks to state a claim—without relying on hindsight—by arguing the underperformance of a large cap fund was “virtually guaranteed because it contained a serious design flaw from inception.”
“IHI cannot delegate fully its statutory responsibilities under ERISA,” a federal judge says in her opinion.
Last month, J.P. Morgan agreed to pay $75 million to settle litigation accusing it of investing stable value funds in risky investments.
Similar to many excessive fee lawsuits filed against single-employer plans, the complaint accuses a multiemployer plan of failing to leverage its bargaining power to obtain lower investment and recordkeeping fees.
The results of a fiduciary primer quiz survey prove once again that institutional investing can be a tricky topic for even the most experienced investment committee members.
A recent appellate court decision underscores the important differences in anti-cutback vesting requirements that exist between “top-hat” plans and retirement benefits for lower-compensated employees.
Throughout the complaint, the plaintiff alleges that the plan’s fiduciaries’ lack of a systematic and unbiased review process caused participants to pay an unnecessarily high expense ratio for both Wells Fargo proprietary investments and nonproprietary investments.