A federal judge found Voya is a fiduciary with respect to the 404a-5 participant fee disclosures it provides for the retirement plan in which the plaintiff participates.
The original lawsuit accuses Principal Financial Group of violating ERISA by setting the crediting rate for a guaranteed investment contract (GIC) such that it can “retain unreasonably large...
The lawsuit resembles many others that have been filed under the Employee Retirement Income Security Act (ERISA), suggesting an employer permitted excessive recordkeeping and mutual fund fees in...
The Shell Oil Company, several of its executives and multiple business units of Fidelity are all named as co-defendants in a complex fiduciary breach lawsuit filed in Texas.
Repeating a number of excessive fee lawsuits filed, the complaint says the defendants did not try to “reduce the plan’s expenses or exercise appropriate judgment to scrutinize each investment...
The plaintiff in the case asked the court to to answer “whether Dudenhoeffer’s ‘context-sensitive scrutiny of a complaint’s allegations’ can be met where a court" makes certain presumptions.
Putnam had asked the high court whether the plaintiff or the defendant bears the burden of proof on loss causation under ERISA to determine “whether showing that particular...
The plaintiffs say defendants failed to utilize the lowest cost share class for many of the mutual funds within the plan, and failed to consider collective trusts, commingled...
A judge previously found eliminating ESOP participants’ right to invest in company stock is not a violation of ERISA’s anti-cutback provisions, but forcing participants with balances greater than...
Case documents note the settlement has only been reached after “extensive litigation, lengthy discovery and protracted arm’s-length negotiations with the assistance of a national mediator.”
Employees of the grocery chain accuse their employer of acting imprudently in the selection of retirement plan investment options and of failing to monitor the services and fees...
With regard to “improper selection and monitoring of plan service providers,” the lawsuit specifically names a broker/dealer representative whom it says was terminated in 2014 for “failure to...
As have previous years, 2019 brought major settlements and decisions in retirement-plan focused litigation, including some precedent-setting appellate and Supreme Court decisions.