For one thing, the plaintiff argues the briefs filed in support of the University of Pennsylvania provide the university an argument word-count advantage.
Tag: retirement plan participant lawsuit
The complaint says that instead of offering a stable value fund in its 401(k) plan, American Airlines offered the AA Credit Union Fund, which yielded “tremendously” poor returns throughout the relevant time period.
The lawsuit alleges investment firms sold investments to KRS that were “extremely high-risk” and produced “excessive fees, poor returns and ultimately, losses.”
Northern Trust amended its benefit formula in 2012 and provided a transitional benefit that assumed salary increases of 1.5% per year, and the court found expectations of higher salary increases was not part of an “accrued benefit.”
A federal district court judge agreed that TIAA is not a fiduciary with respect to the design of its participant loan program or its negotiations about fees with Washington University.
A federal district court judge denied dismissal of most violation of duty of prudence claims.
The university also asks that the plaintiffs not be able to attempt to use evidence that their prudent measures and conduct that occurred subsequent to the plaintiffs’ filing of the lawsuit proves that prior conduct was imprudent.
The defendants argued that a court decision in a self-dealing lawsuit against Wells Fargo supports their motion to dismiss their suit.
The lawsuit alleges that Gannett Co., its benefit plans committee and other fiduciaries’ decision to concentrate plan investments in Gannett’s parent company common stock was a breach of their fiduciary duties under ERISA and caused a loss of approximately $135 million.
The appellate court found no evidence that the CVS retirement plan’s stable value fund departed radically from the investment standards and logic of stable value funds.
A federal district court judge ruled a new complaint alleging Voya Financial and Voya Retirement Advisors engaged in prohibited transactions in violation of ERISA through a service arrangement with Financial Engines was futile because it wouldn’t survive a motion to dismiss.
One point the appellate court clearly noted is that the plaintiff did not allege that the new company failed to pay him any benefits he was owed.
Complaints against individual defendants, however, were not dropped.
A beneficiary of a deceased pension plan participant has filed both a fiduciary violation claim and a claim for benefits, which she argues present distinct injuries and should both be considered.
The firm’s lawyers noted that the plaintiff signed an agreement not to pursue any class action claims, but a Supreme Court case allowed him to pursue a claim on behalf of himself.
A federal judge had dismissed claims related to one of the university’s plans, but a new complaint, and a new plaintiff, bring back those claims.
While some claims were dismissed, others were moved forward.
A judge ultimately found that Great-West Life & Annuity Insurance Company was not a fiduciary with respect to the fund and the plaintiff did not show that, as a party-in-interest, the company knew its actions violated ERISA.
Last month, J.P. Morgan agreed to pay $75 million to settle litigation accusing it of investing stable value funds in risky investments.
Throughout the complaint, the plaintiff alleges that the plan’s fiduciaries’ lack of a systematic and unbiased review process caused participants to pay an unnecessarily high expense ratio for both Wells Fargo proprietary investments and nonproprietary investments.