Tag: retirement plan litigation

Brown University 403(b) Plans Suit Moves Forward

A federal judge denied dismissal of plaintiffs’ allegations that a prudent fiduciary would have chosen one—rather than two—recordkeepers; that a prudent fiduciary in like circumstances would have solicited competitive bids; and a claim regarding recordkeeping fees.

GWU Tells Court 403(b)s Cannot Be Compared to 401(k)s

In a brief supporting a motion to dismiss a case against George Washington University related to the management of its 403(b) plan, the defendants note that 403(b)s have always looked differently and were set up for a different purpose than 401(k) plans.

ESOP Fiduciaries to Pay More Than $2 Million to Settle DOL Lawsuit

The Department of Labor sued Sonnax Industries, company officers and ESOP fiduciaries Tommy Harmon and Frederick Fritz, and Illinois-based First Bankers Trust Services Inc. in December 2016, alleging the fiduciaries had the plan overpay for Sonnax Industries stock by millions of dollars.