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.
Tag: retirement plan participant lawsuit
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.
The firm has agreed to pay $75 million to settle litigation brought by multiple retirement plan participants alleging J.P. Morgan invested its stable value funds in risky assets.
Many terms of the settlement agreement between St. Joseph’s Hospital and its pension plan participants are similar to provisions of ERISA.
401(k) participants claim GE retained underperforming proprietary funds in the plan so that its asset management arm could earn significant profits.
An excessive fee lawsuit has been filed against fiduciaries of the Novitex Enterprise Solutions Retirement Savings Plan, a 401(k) plan which had more than $157 million in assets as of the end of 2015.
The complaint states that Gucci America was “particularly egregious” in regards to offering proprietary funds from its service provider Transamerica.
Participants allege the company should have allowed a single recordkeeper to service its traditional DC plan and its 403(b) plan—and that it permitted excessive fees by paying for distinct administrative services for each.
A lawsuit alleges that asset-based fees led to the plan paying $1,819 per participant for recordkeeping services in 2015.