The DC plan trust of Frontier Communications was 219-times more concentrated in Verizon stock than defendants felt was appropriate for the pension plan for which the company bore the investment risk, plaintiffs allege in a new stock drop lawsuit.
Evidence was presented that showed supplemental retirement benefits were placed in the church's building campaign.
Several defendants, including M&T Bank and certain Wilmington Trust subsidiaries were found not to be fiduciaries and dismissed from the case; however excessive fee allegations and a prohibited transaction claim were moved forward against the bank’s retirement plan committee.
As in other recent stock drop litigation decisions, the plaintiff here ultimately failed to jump the high hurdle for standing set by Fifth-Third vs. Dudenhoeffer.
Among other things, a federal appellate court rejected a district court’s decision that the PBGC standards for establishing successor liability are outlined in the Multiemployer Pension Plan Amendment Act of 1980 (MPPAA) and do not apply to single-employer plans.
Earlier this year, a judge ordered the archdiocese to pay $4.7 million to both retired and active teachers, but the archdiocese says it no longer has any money.
For its part, Schwab says the appellate court’s decision, which effectively invalidates agreements to arbitrate ERISA Section 502(a)(2) claims, conflicts with U.S. Supreme Court and Circuit precedent interpreting the Federal Arbitration Act (FAA) and ERISA.
A plan participant relied on language in the SPD regarding eligibility for benefits, and the appellate court found the SPD inaccurately portrayed provisions of the plan document.
The original complaint accuses T. Rowe Price 401(k) plan trustees of breaching their fiduciary duties under ERISA by either failing to remedy their predecessors’ breaches, or, in a few cases of offering expensive retail class versions of proprietary mutual funds, waiting too long to act to shift into lower cost versions of the funds.
While the first lawsuit focused on excessive recordkeeping, administrative and investment fees, the new lawsuit focuses specifically on the university’s practices with regard to revenue sharing.
Voya successfully moved to dismiss the amended claims under Rule 12(b)(6), arguing that the claims should be dismissed because they fail to plausibly allege the firm actually took a spread on certain separate account assets in question.
The bank has agreed to pay $21.9 million to settle charges it benefited from including proprietary funds in its 401(k) plan.
In a decision granting victory to New York University, a federal judge noted “deficiencies in the Committee’s processes—including that several members displayed a concerning lack of knowledge relevant to the Committee’s mandate.” She has now been asked to amend the decision to remove committee members.
PIMCO has requested that a number of documents remain sealed and not be open to the public by the court.
The financial firm will pay $6,900,000 in settlement.
A multi-agency investigation found that from approximately May 2011 through August 2012, the business owner unlawfully embezzled and converted approximately $31,403 in deferred contributions from employees.
For one thing, the appellate court noted that the plaintiff did not use a sufficient benchmark to show that Wells Fargo’s TDFs were an imprudent investment for its 401(k) plan.
Plaintiffs seek government compensation for participants “prevented from accessing their own financial property.”
In the first university 403(b) plans case to go to trial, a federal district court found the plaintiffs have not proven that the NYU retirement plans committee acted imprudently or that the plans suffered losses as a result.
The new ruling in Barrett vs. Pioneer does little to resolve the fundamental issues at hand, offering some points of victory to both sides and implying a new amended version of the complaint is welcome and likely.