DOL Brief Defends Fiduciary Rule Despite Ongoing Review
Long-term, DOL staff is concerned about maintaining the department’s broad litigation and enforcement capabilities in the retirement plan services marketplace.
Tag: Litigation
ERISA Suit Questions Money Market Performance, Recordkeeping Fees
Because revenue-sharing payments are asset based in the plan, plaintiffs argue, “they bear no relation to a reasonable recordkeeping fee...
ESOP Did Not Meet Burden of Proof in Case Regarding Failed Transaction
An appellate court first discussed where the burden of proof lies in ERISA cases.
Asset-Based Fees Questioned in Nationwide ERISA Challenge
The text of the complaint takes a deep dive into the services generally provided by recordkeepers and administrators of ERISA...
Waddell & Reed Charged in 401(k) Self-Dealing Suit
The lawsuit claims fiduciaries of the Waddell & Reed 401(k) plan breached their fiduciary duties and engaged in prohibited transactions...
Washington University in St. Louis Faces Second 403(b) Lawsuit
The strongly worded complaint says the plan fiduciaries “utterly abdicated their fiduciary duties to act prudently and loyally” by turning...
Suit Challenging Voya’s Relationship With Financial Engines Dismissed
Voya Retirement Advisors was found not to be an ERISA fiduciary with respect to its compensation in an agreement with...
Court Rules for Putnam in Excessive Fee Suit
A district court ultimately found that since plaintiffs did not establish a case in which a particular fiduciary breach caused...
Sponsor Admits Embezzlement of Plan Dollars
The plan sponsor was criminally prosecuted and pled guilty to embezzlement in June 2016; she was ordered by EBSA to...
Sponsor Reaches Settlement Agreement with Merrill Lynch
Plaintiffs say the settlement agreement “provides an excellent recovery” for class members, paying them “100% of their losses.”
Washington University in St. Louis Faces 403(b) Plan Lawsuit
The lawsuit claims plan participants paid excessive investment and recordkeeping fees and alleges the plan’s loan program violated ERISA prohibited...
Stock-Drop Lawsuit Alleges Disclosure Failures
Plaintiffs attempt in their complaint to establish that fraud was at least potentially occurring, and that this should have been...
Capital Group Faces Excessive Fee, Self-Dealing Suit
Capital Group is accused of selecting and retaining its own affiliated investments in its 401(k) plan to the benefit of...
Sponsor Settles Northrop Grumman ERISA Suit
A bench trial began this March 14, and the settlement was initially struck after three days of trial.
PSNC 2017: Learning From Litigation
It is not always possible, even for the most carefully run retirement plans, to avoid getting dragged into ERISA litigation,...
Chevron Wins Dismissal of Amended Complaint Regarding Fund Choices
A federal judge found plaintiffs failed to correct deficiencies in their original complaint, and a new claim of conflicts-of-interest was...
New Opportunity to Comment on Fiduciary Change
The new SEC Chair is calling on retirement industry stakeholders to weigh in on whether the DOL fiduciary rule is...
Self-Dealing Suit Against Wells Fargo Dismissed
A U.S. District Court Judge agreed with Wells Fargo that allegations that the bank breached its fiduciary duty by continuing...
United of Omaha Faces Lawsuit Over GICs
The lawsuit charges that the crediting rate United of Omaha set for guaranteed investment contracts allowed it to receive excessive...
Participants Sue Princeton Trustees for ERISA Breaches
The plan sponsor is accused of failing to leverage its size and sophistication to ensure a fair deal on recordkeeping...