A lawsuit alleges a health care system in North Carolina falsely claims to be a governmental entity, allowing it to dodge ERISA requirements and protections for its retirement and health plans.
However, a federal district judge moved forward most claims in the self-dealing lawsuit concerning the company’s own 401(k) plan.
It has only been about a year and a half since large U.S. universities became the target of ERISA lawsuits, making for a fresh crop of claims and defense strategies that matter for all types of DC plans.
With the launch of its latest analytics module, Lex Machina has uncovered a variety of trends across all the flavors of ERISA litigation.
In a mixed ruling, the court again leaves room for re-pleading of the plaintiffs’ failed arguments, making the filing of a third amended complaint likely before any allegations can advance to trail.
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.
The question for the Supreme Court is whether the plaintiff or the defendant bears the burden of proof on loss causation under Employee Retirement Income Security Act (ERISA) Section 409(a).
The New York State Common Retirement Fund and the New York State Teachers Retirement System hold Exxon shares with a combined value of approximately $1.5 billion, and a lawsuit asks for damages, a disgorgement of all monies obtained in connection with the alleged fraud, and restitution.
The co-owners of Vantage Benefits Administrators misappropriated funds from at least 1,000 plan participants in at least 20 employers’ retirement plans, prosecutors say.
The case already made it once to the Supreme Court which helped to clarify what it means to be a “church plan” run by a principal-purpose organization under ERISA—but the underlying facts of the lawsuit are still being fought over in district court.
The 1st U.S. Circuit Court of Appeals found “several errors of law in the district court’s rulings.”
A lawsuit alleges that the defendants failed to take advantage of the plans' bargaining power by only offering actively managed retail mutual funds as investment options.
The lawsuit not only calls out Fidelity’s use of all proprietary funds in its 401(k) investment lineup, but also accuses it of not negotiating for revenue sharing rebates, not using the lowest-cost share classes, not investigating alternative investment vehicles and not evaluating stable value fund options when its money market funds poorly performed.
The lawsuit alleged that employee stock ownership plan participants overpaid for company stock.
As in a previous lawsuit, the complaint questions the fiduciary prudence of investing profit sharing plan assets in the Sequoia Fund, distributed and advised by Ruane, Cunniff & Goldfarb & Co.
Leaving only the prohibited transaction claim to move forward, a federal judge found most defendants were not fiduciaries with respect to the claim and dismissed all but the plan’s investment committee as defendants.
The court granted the Principal defendants’ motion for summary judgment on all counts in a case questioning guaranteed investment contract arrangements.
A court agreed that the Kentucky Retirement System board of trustees were permitted by law to choose alternative investments one city claimed produced small returns and high fees.
A case set to go to the U.S. Supreme Court for a decision about who bears the burden of proof when fiduciary harm is alleged in ERISA cases has been settled. Two legal experts weigh in.
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.