Tag: retirement plan investments

GWU Lawsuit Over Two Retirement Plans Dismissed

A federal court judge ultimately found that a participant in George Washington University’s two retirement plans had previously waived her right to sue for fiduciary breaches under the Employee Retirement Income Security Act (ERISA) in a previous agreement.

Institutional Plan Returns Rebound in Q1 2019

According to Northern Trust, Corporate Employee Retirement Income Security Act (ERISA) pension plans had the best first quarter on a relative basis, while the Wilshire Trust Universe Comparison Service shows Taft Hartley defined benefit (DB) plans, which had the largest allocation to U.S. equities, posted the highest Q1 gain.

Eaton Vance Self-Dealing Lawsuit Settled

Though the contention in the lawsuit was over Eaton Vance’s use of mostly proprietary funds in its 401(k) plan, the settlement agreement only calls for a $3.45 million payment and no change to the fund menu.

Appellate Court Revives UPenn 403(b) Lawsuit

However, in a dissenting opinion, Senior Judge Jane Richards Roth says cases such as this one should be carefully scrutinized in order not to permit implausible allegations to result in a large settlement, under which a substantial portion of the funds are diverted to attorneys’ fees.

Anthem 401(k) Fiduciaries Denied Summary Judgment in Fee Case

A federal judge found that the plaintiffs provided more than enough evidence to support excessive fee claims, noting that, “Plaintiffs cite deposition testimony of Anthem employees and Pension Committee members who indicate they do not understand the difference between different kinds of share classes or did not ask Vanguard whether lower-cost fee arrangements were available for the plan.”

Chevron Plaintiffs Make One More Attempt to Win ERISA Challenge

In a case that alleges, among other things, that defendants breached their ERISA duties by offering a money market fund rather than a stable value fund as a capital preservation option, plaintiffs say the 9th Circuit imposed strict pleading standards that conflict with its own decisions as well as those of other circuits.

Jackson National Agrees to Settle Self-Dealing Suit

The lawsuit alleged that the company selected high-cost proprietary investment products offered and managed by Jackson National and its affiliates on the plan’s menu of investment options, allowing it to maximize profits.