Court Pares Down 401(k) Self-Dealing Suit Against Neuberger Berman
Leaving only the prohibited transaction claim to move forward, a federal judge found most defendants were not fiduciaries with respect...
Tag: ERISA
District Court Soundly Dismisses Washington University 403(b) Lawsuit
The court holds that bundling services or revenue sharing are common and acceptable investment industry practices that frequently inure to...
Court Deems Principal Not a Fiduciary in Lawsuit Over GICs
The court granted the Principal defendants’ motion for summary judgment on all counts in a case questioning guaranteed investment contract...
Divisions Remain in Courts Regarding the Burden of Proof
A case set to go to the U.S. Supreme Court for a decision about who bears the burden of proof...
ERISA Section 404(c): Back to Basics
To be 404(c) compliant, a plan must offer a broad range of investment options and make it possible for participants...
Business Owner Gets Prison for Benefit Plan Embezzlement
A DOL investigation found the business owner used benefit plan contributions for corporate and personal expenses.
Frontier Communications Stock Drop Lawsuit Alleges Imprudent Telecom Concentration
The DC plan trust of Frontier Communications was 219-times more concentrated in Verizon stock than defendants felt was appropriate for...
Judge Moves Forward Some Claims in M&T Bank Proprietary Funds Suit
Several defendants, including M&T Bank and certain Wilmington Trust subsidiaries were found not to be fiduciaries and dismissed from the...
Whole Foods Again Defeats Stock Drop Litigation on Appeal
As in other recent stock drop litigation decisions, the plaintiff here ultimately failed to jump the high hurdle for standing...
Charles Schwab, Chamber of Commerce Ask Court to Reconsider Arbitration in USC Case
For its part, Schwab says the appellate court’s decision, which effectively invalidates agreements to arbitrate ERISA Section 502(a)(2) claims, conflicts...
6th Circuit Asks District Court to Consider Plan Reformation in Chrysler Lawsuit
A plan participant relied on language in the SPD regarding eligibility for benefits, and the appellate court found the SPD...
Duke University Charged in Second 403(b) Plan Lawsuit
While the first lawsuit focused on excessive recordkeeping, administrative and investment fees, the new lawsuit focuses specifically on the university’s...
Analysis of Settlement Terms in Deutsche Bank ERISA Litigation
The bank has agreed to pay $21.9 million to settle charges it benefited from including proprietary funds in its 401(k)...
Plaintiff in NYU 403(b) Plans Lawsuit Asks for Committee Members to Be Removed
In a decision granting victory to New York University, a federal judge noted “deficiencies in the Committee’s processes—including that several...
(b)lines Ask the Experts – Why 403(b) Assets Are Generally Not Held in a Trust
“Why are 403(b) plan assets generally not held in a trust?”
Pace of EBSA Settlements and Plan Corrections Is Strong
“On the retirement side, again, there is a strong focus on missing participants, and EBSA is diving incredibly deep," says...
‘Sua Sponte’ Leave Granted to Amend Pioneer Money Market Complaint
The new ruling in Barrett vs. Pioneer does little to resolve the fundamental issues at hand, offering some points of victory...
ERIC Calls Foul in DOL’s Missing Participant Push
In an open letter asking for more detailed guidance, the ERISA Industry Committee spells out what it says are “examples...
‘Prudence’ and ‘Loyalty’ Feature in Second Rejection of Wells Fargo Stock Drop Suit
While they won the day, defendants unsuccessfully argued that the Dudenhoeffer pleading standards should be applied not only to prudence claims, but...
Appeals Court Allows Case Against USC to Proceed
The panel concludes that the dispute against the University of Southern California fell outside the scope of the arbitration agreements...