TIAA Faces Suit Over 403(b) Plan Participant Loans
Participants' loans were paid from TIAA's general account and the firm kept some of the interest participants paid, which the...
Tag: Litigation
CVS Participants’ Second Attempt to Sue Over Stable Value Fund Fails
A federal court judge found an amended complaint relied on hindsight to find the stable value fund did not maximize...
Case About Domestic Partner’s Right to Pension Proceeds
A motion to dismiss, claiming that a domestic partner’s claims for benefits as well as a surcharge were duplicative, was...
Aon Hewitt Targeted in Kickback Lawsuit Filed by Caterpillar Plan Participants
The central claims in the proposed class action suggest plaintiffs feel they overpaid significantly for advisory services, with the excess...
Edward Jones’ Attempt to Dismiss Self-Dealing Suit Denied
A federal judge denied defendants’ motions in part because the plaintiff’s complaint states viable claims.
DOL Fiduciary Reform Effort Losing Steam
Advisers and service providers to defined contribution plans have spent millions of dollars pushing toward compliance with conflict of interest...
Self-Dealing Suit Challenges Fees and Fund Monitoring
An employee at JPMorgan Chase argues the firm's retirement plan fees were not properly controlled and that conflicts of interest...
Fiduciary Ordered to Give Up Cars to Restore Plan Losses
A federal court found that no amount of judgements from previous decisions had been satisfied.
Schwab Faces Excessive Fee, Self-Dealing Lawsuit
The lawsuit calls out Schwab’s use of its own proprietary funds as well as the use of unallocated plan cash.
Court Refuses to Dismiss Suit Against Franklin Templeton
Among other things, a federal court determined that, although the plaintiff signed a release of claims when terminated, the claims...
Supreme Court May Hear Case About Co-fiduciary Indemnifying Trustees
The case involves a complicated leveraged buyout of an ESOP that left participants with worthless stock.
Plan Sponsors Must Judge Fees Independently
Advisers and providers will help defend against fee challenges, but it is important to point out that the providers’ obligation...
J.C. Penney to Settle Stock Drop Suit
The company has agreed to pay $4.5 million to resolve a lawsuit alleging it failed to drop the company stock...
Fiduciary Rule Could Soon Be Delayed By Congress
According to its author, the legislation will “delay the implementation of a job-destroying rule … giving Congress and President-elect Donald...
DOL Sues ESOP Fiduciaries Over Share Sale
The lawsuit alleges the price at which shares of the ESOP were sold was artificially inflated.
Claims in Excessive Fee Suit Against Prudential Tossed
A court found Prudential was not acting as a fiduciary and an employer’s 401(k) plan menu and use of an...
D.C. Appellate Court Affirms Employer Win in Stock Drop Suit
So called “stock drop” litigation remains a concern for many in 2017, but recently some employers have posted key court...
Multiple Recordkeepers at Heart of Excessive Fee Suit
The complaint says having different recordkeepers for a traditional DC plan and a 403(b) plan caused participants to pay too...
Money Purchase Plan Loan Questioned by EBSA
According to EBSA, the SeaBoard Management money purchase plan trustees breached their fiduciary duties by failing to take action to...
New 401(k) Excessive Fee Suit Filed Against Delta Air Lines
Among the charges is that, prior to 2011, the plan included too many, and duplicative, investment options.