The text of the complaint includes substantial detail about the inner workings of the Home Depot retirement plan, and its relationships with advice providers Financial Engines and, later, Alight Financial Advisors.
The fiduciary governance group is designed to counsel investment committees and service providers, with a focus on avoiding and responding to fiduciary breach litigation, among other topics.
The central claim in the failed class action was that plaintiffs were forced to overpay significantly for advisory services; defendants successfully argued the plaintiff failed to state an actionable claim.
Curcio Webb serves as an independent intermediary helping plan sponsors select and monitor 3(38) advisers and outsourced chief investment officers; the matchmaker firm offers some insight about what makes for a good adviser-sponsor fit.
A district court has ruled that the complaint “does not sufficiently plead that the defendants were engaged in the conduct of an association-in-fact enterprise or that each defendant engaged in a pattern of racketeering activity.”
To help ease the immediate concerns and confusion of clients, the law firm Stroock has published a helpful guide that dissects the latest fiduciary rule developments; on one attorney’s assessment, it actually is not that likely that the U.S. Supreme Court will get involved.
The fact that two U.S. Circuit Courts of Appeals, the Fifth and the Tenth, have issued conflicting rulings about the propriety of the DOL’s process in creating and implementing a stricter fiduciary standard, leaves the retirement plan industry with a number of challenging questions.
In issuing a strong ruling to vacate the DOL fiduciary rule expansion, the Fifth U.S. Circuit Court of Appeals is now at odds with multiple other courts that have upheld the rule, including the Tenth Circuit.
SEC-mandated regulatory filings from Wells Fargo Advisors have triggered state and federal inquiries into whether the firm’s advisers have made inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants.
An open letter penned by Connecticut State Treasurer Denise Nappier presents an articulate defense and endorsement of ESG investing programs—in this case suggesting divestment from gun manufacturers may be in the best long-term financial interest of the state’s pensioners and other stakeholders.
Familiar allegations are leveled against Georgetown University in the latest example of defined contribution litigation to hit a big-ticket U.S. university.
A district court found plaintiffs met the requirements of ERISA Rule 23(a) and the class is maintainable under at least one of the subdivisions of ERISA Rule 23(b).
The Employee Benefits Security Administration (EBSA) restored more than $1.1 billion to retirement plans, health plans and other welfare benefit plans in 2017.
With the new opinion, the district court seeks to make clear where the line is when it comes to pleading standards in ERISA lawsuits.
For one thing, a federal court judge found the defendants provide no authority supporting their contention that a plan document executed after the participant has ceased participation in the plan can bind the participant to arbitration.
Plan sponsors cite a number of reasons for being unlikely to offer an annuity-type product in the near term; top reasons include the belief that it is unnecessary or not a priority, and being uncomfortable or unclear about the fiduciary implications.
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.