Mutual Fund Provider Targeted in ERISA Complaint for Self-Dealing
Participants in M&T Bank retirement plans accuse the company of unfairly promoting its own mutual funds at the expense of...
Tag: Litigation
Appellate Court Affirms Fiduciaries' Liability for Mispriced ESOP Purchase
Among other things, the court found Herbert C. Bruister fired the ESOP’s counsel for being “too thorough,” and caused his...
Owed Retirement Plan Contributions Non-Dischargeable in Bankruptcy
Though a plan fiduciary filed bankruptcy, he still owes court-ordered retirement plan contributions.
Kodak Settles Stock Drop Suit for Nearly $10M
The lawsuit claims that when Kodak filed for bankruptcy protection in January 2012, it failed to take action to protect...
ESOP Participants Failed to State Claim Under Fifth Third Standard
A district court found the requirement to allege an alternative action in a stock drop case applied to participants in...
DOL Obtains Government Contract Retirement Plan Contributions
James Brunk and Brunk Industries Inc. will restore $95,000 to the company’s 401(k) plan.
Judge Says City National Was Self-Dealing in 401(k)
While it is not illegal to administer retirement plans in-house, a lawsuit filed by the Labor Department in 2015 alleged...
Edison Wins Dismissal of Excessive Fee Suit
The case had been remanded to an appellate court after a Supreme Court decision.
DOL Files Complaint Over Firm’s Failure to Close Profit Sharing Plan
An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found Interactive Marketing Group failed to formally...
Gruber Systems Ordered to Pay for Improper ESOP Purchase
The DOL won a consent judgment and order valued at $1.1 million on behalf of participants in a Gruber Systems...
Fidelity, Putnam Excessive Fee Cases Moved Forward
A federal district judge denies motions to dismiss in both cases.
Partial Settlement Reached in RadioShack Stock Drop Case
A partial settlement has been reached in a stock drop case filed against the RadioShack company and its retirement plan...
DOL Weighs In on Fidelity Float Income Suit
The agency has asked an appellate court to reverse a district court’s dismissal of the case.
Merrill Lynch Cleared of Wrongdoing in Excessive Fee Case
A federal district court found that Merrill Lynch was not acting as a fiduciary under ERISA.
DOL and SEC Wade Into ERISA Stock Drop Debate
The DOL and SEC both filed amicus briefs in the long-running case Whitley v BP PLC, an ERISA stock drop lawsuit...
Famous Fifth Third Stock Drop Suit Reaches Settlement
A Supreme Court ruling in the case set new standards of pleading for lawsuits against retirement plans that hold on...
Actuarial Equivalence Key in Benefits Calculation Case
A federal appellate court found that the benefit offset used by a defined benefit plan administrator was correct.
Lehman Again Granted Victory in Stock Drop Suit
Reviewing the case in light of new pleading standards set by the Supreme Court decision in Fifth Third, a court...
Top Hat Plan Dispute Time Barred
A federal appellate court did not even consider whether the plan in question was a top hat plan because it...
Lack of Documentation Trumps Verbal Designation
A deceased participant’s previous phone call to his employer’s benefit center asking to change his retirement account beneficiary cannot be...