Providers Voice Concern About Fiduciary Rule Product Disruption
There were thousands of new comments submitted on the fiduciary rule RFI by a variety of parties, from concerned individual...
Tag: Litigation
Court Orders American Century to Produce Reports for Self-Dealing Suit
American Century must produce profitability, expense and performance reports created under provisions of the Investment Company Act for all the...
5th Circuit Hears Latest Round of Fiduciary Rule Arguments
At least one judge on the three-judge panel that has been assigned to the case seemed to have little sympathy...
Trustee Found Liable for Diversification Failures
At various times between 2006 and 2009, according to EBSA findings, the plan was 100% invested in stock warrants.
Business Owner Pleads Guilty to Theft From 401(k) Plan
The business owner tried to blame other employees until she met with a DOL investigator.
Sears Holdings Faces Stock Drop Lawsuit
The lawsuit alleges that even if the plan required that Sears Stock be offered, the plan’s fiduciaries were obligated by...
ERISA Suit Challenging Voya Stable Value Funds Rejected
The lawsuit unsuccessfully alleged Voya does not disclose to its retirement plan clients and their respective participants the amount of...
Stiff Prison Sentence After EBSA Fraud Investigation
EBSA says investors’ dollars, including ERISA-covered assets, were diverted to pay for home renovations, personal credit card payments and mortgage...
DOL Says Ponzi Scheme Included Employee Benefit Plan
The founder of an investment company has pleaded guilty and been sentenced.
MFS Accused of Engaging in Prohibited Transactions in 401(k)s
A lawsuit claims MFS used its 401(k) plans “as an opportunity to promote MFS’s mutual fund business and maximize profits...
American Airlines Agrees to Settle Proprietary Funds Lawsuit
The gross settlement amount is $22 million.
Brown University Faces Familiar Allegations in 403(b) Lawsuit
Individual annuity contracts and a large plan investment lineup are targets in the Brown University lawsuit, just as they are...
DOL Brief Defends Fiduciary Rule Despite Ongoing Review
Long-term, DOL staff is concerned about maintaining the department’s broad litigation and enforcement capabilities in the retirement plan services marketplace.
ERISA Suit Questions Money Market Performance, Recordkeeping Fees
Because revenue-sharing payments are asset based in the plan, plaintiffs argue, “they bear no relation to a reasonable recordkeeping fee...
ESOP Did Not Meet Burden of Proof in Case Regarding Failed Transaction
An appellate court first discussed where the burden of proof lies in ERISA cases.
Asset-Based Fees Questioned in Nationwide ERISA Challenge
The text of the complaint takes a deep dive into the services generally provided by recordkeepers and administrators of ERISA...
Waddell & Reed Charged in 401(k) Self-Dealing Suit
The lawsuit claims fiduciaries of the Waddell & Reed 401(k) plan breached their fiduciary duties and engaged in prohibited transactions...
Washington University in St. Louis Faces Second 403(b) Lawsuit
The strongly worded complaint says the plan fiduciaries “utterly abdicated their fiduciary duties to act prudently and loyally” by turning...
Suit Challenging Voya’s Relationship With Financial Engines Dismissed
Voya Retirement Advisors was found not to be an ERISA fiduciary with respect to its compensation in an agreement with...
Court Rules for Putnam in Excessive Fee Suit
A district court ultimately found that since plaintiffs did not establish a case in which a particular fiduciary breach caused...