Compliance | July 15th, 2020 Filing of Excessive Fee Suits Continues With Allegations Against Matthews International One distinguishing feature in an otherwise boilerplate complaint is the pointed criticism of the plan’s recordkeeper, despite the fact that...
Compliance | July 13th, 2020 Lawsuit Over Kentucky Retirement System Hedge Fund Investments Dismissed The Kentucky Supreme Court said it ‘recognizes that plaintiffs allege significant misconduct,’ but it found they lacked standing to bring...
Compliance | July 13th, 2020 Goldman Sachs Fails to Get ERISA Self-Dealing Suit Dismissed A federal judge found claims by a participant in the Goldman Sachs 401(k) plan sufficiently plead imprudence and disloyalty.
Compliance | July 10th, 2020 Wawa ERISA Fiduciary Breach Lawsuit Settlement Revealed The class action settlement agreement includes $21.6 million in cash payments, with no admission of wrongdoing by the plan’s fiduciaries.
Compliance | July 7th, 2020 Health Care Organization Faces 403(b) Excessive Fee Suit Much of the complaint is dedicated to discounting the use of an actively managed TDF suite rather than a less...
Compliance | July 7th, 2020 Judge Roundly Rejects CareerBuilder ERISA Lawsuit The text of the dismissal ruling relies heavily on precedent set by the United States 7th Circuit Court of Appeals.
Compliance | July 6th, 2020 Use of Relatively New CITs Challenged in Second Lawsuit The lawsuit also calls out the use of an investment manager’s proprietary actively managed funds and the plan sponsor’s failure...
Compliance | July 6th, 2020 Court Orders Parties to Scale Back Northrop Grumman ERISA Settlement The parties’ proposed settlement agreement impermissibly releases claims that go beyond the scope of the allegations in the operative complaint.
Compliance | July 6th, 2020 Fidelity Agrees to Settle 401(k) Self-Dealing Suit The lawsuit accused plan fiduciaries of using the plan as an opportunity to promote Fidelity’s mutual fund business at the...
Compliance | July 2nd, 2020 Use of Fidelity Active Management Funds Questioned in Court Multiple lawsuits have been filed recently that question the offering of active management funds to retirement plan participants.
Compliance | June 26th, 2020 Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs Though the majority of investment options for Estee Lauder’s 401(k) are CITs, the lawsuit argues the TDFs are more expensive...
Compliance | June 25th, 2020 DOL Tells Court CalSavers Program Is Pre-empted by ERISA In a brief filed in the 9th U.S. Circuit Court of Appeals, the DOL argues that employer actions mandated by...
Compliance | June 24th, 2020 Costco’s Use of Actively Managed Funds in 401(k) Plan Lineup Called Out in Lawsuit The warehouse club is also accused of breaching ERISA fiduciary duties by allowing the plan to pay ‘unreasonably high’ recordkeeping...
Compliance | June 23rd, 2020 IBM Stock Drop Lawsuit Remanded Back to District Court The 2nd U.S. Circuit Court of Appeals has re-established its previous ruling in favor of the plaintiffs.
Compliance | June 19th, 2020 Retirement Plan Sued Over Special Valuation After March Market Crash The plaintiffs in the lawsuit were waiting on distributions of their account valued at the end of last year when...
Compliance | June 19th, 2020 Second Court Finds Use of Segal Blend Was Improper A pension fund challenged the use of the Segal Blend to assess its withdrawal liability from a multiemployer plan instead...
Compliance | June 18th, 2020 Lack of Index Funds Cited in Latest ERISA Lawsuit The Oshkosh Corp. is accused of permitting excessive recordkeeping fees and inappropriately favoring expensive active management funds in its retirement...
Compliance | June 16th, 2020 Parties in Dignity Health Lawsuit Still Have Work to Do on Settlement A federal judge said he cannot find that the interests of one subgroup of class members in the case have...
Compliance | June 15th, 2020 Neuberger Berman 401(k) Plan Committee Agrees to Settle ERISA Suit Prior to reaching the settlement agreement, the Neuberger Berman Value Equity Fund was removed as an investment option in the...
Compliance | June 11th, 2020 Excessive Recordkeeping Fees Alleged in KeyCorp ERISA Challenge The complaint alleges that KeyCorp has failed to take advantage of recordkeeping market competition and the associated drop in average...