$2 Million Retirement Plan Never Properly Terminated
A federal court has removed the plan’s fiduciary and replaced him with an independent fiduciary.
Tag: Litigation
Avon Products Settles ERISA Stock Drop Suit
A net settlement fund of approximately $4.345 million will be divided among eligible class members, according to attorneys for the...
Union Pension Fund Settles DOL Provider Selection Lawsuit
The settlement agreement orders the fund to adopt a new selection policy and engage in a new search process.
Consultant Off the Hook for Providing Wrong Benefit Estimate
A federal appellate court found the consultant was not acting as a plan fiduciary.
Index Fund Designation Questioned in Latest Self-Dealing Lawsuit
The fund had an annual costs of 35 bps per year in the plans being targeted by the latest self-dealing...
Target Hit With a Second Stock-Drop Challenge
Plaintiffs say the “artificial inflation of the company stock price” made Target shares a bad investment for the ESOP.
Another Small Plan Targeted in Excessive Fee Suit
Checksmart and its investment adviser, Cetera Advisor Networks, have been specifically targeted over fees of risk-based asset allocation funds in...
Participants in Bankrupt Company’s ESOP Can’t Offload Shares
A federal district court found that, although the confirmed reorganization plan for the company was ambiguous as to whether ESOP...
Appellate Court Revives Berkshire Hathaway ERISA Suit
Berkshire Hathaway’s decision to freeze a subsidiary’s pension plan will get another look in district court.
Target Corporation Faces 401(k) Stock Drop Lawsuit
In the complaint, the plaintiff suggests several actions Target could have taken when it knew or should have known its...
Fidelity’s Use of Float Income Not Improper
An appellate court ruled that the float income incurred when making distributions to retirement plan participants are not plan assets.
Court Moves Forward Delta Pilots’ Suit Against PBGC
The former pilots claim the agency shortchanged their benefits to hold on to assets in order to earn investment returns...
Allstate Faces ERISA Interference of Benefits Claims
An equitable tolling period enlarged the number of plaintiffs that can move forward with interference of benefits claims.
Court Dismisses Edison Stock Drop Lawsuit
A judge found plaintiffs failed to suggest alternative actions the company could have taken that would not potentially harm the...
Disney Sued Over Investment in Sequoia Fund
The lawsuit claims the fund violated retirement plan investment policies because it concentrated investments in a single pharmaceutical company stock.
American Century Accused of Self-Dealing in Its 401(k)
The lawsuit accuses the fund provider of loading its retirement plan with its own funds and using share classes of...
Excessive Fee Suit Calls Out Custom TDFs
The lawsuit asserts that fiduciaries to the Fujitsu Group Defined Contribution and 401(k) Plan hired an investment adviser with no...
Court Finds Equity Compensation Plan Not an ERISA Plan
An appellate court agreed with a lower court that the plan’s purpose was not to provide deferred compensation or retirement...
Small Plan Excessive Fee Suit Voluntarily Dismissed
The lawsuit argued that even a $9 million dollar, 114-participant plan has the ability to negotiate for substantially lower fees...
Aegon and Transamerica Settle ERISA Self-Dealing Suit
Plaintiffs alleged their retirement plan sponsor engaged in self-dealing by favoring its own products in the plan and otherwise failing...