Southwest Airlines Faces Lawsuit Over ‘Chronically Underperforming’ 401(k) Funds
Participants allege that the airline failed to remove a large-cap growth investment option after ‘15 years of underperformance.’
Tag: retirement plan litigation
Industry Groups Push to Dismiss PRT Lawsuit Against Bristol-Myers Squibb
In an amicus brief, several advocacy groups warned that letting the lawsuit proceed past a motion to dismiss could open...
Verizon, SSGA Face Complaint About $5.9B PRT Transaction
Law firm Edward Stone is representing three former employers who allege Prudential and RGA group annuity contracts are not the...
Lawsuit Alleges TIAA, Morningstar, Pushed Participants Into Proprietary Annuities
A proposed class action complaint filed by law firm Schlichter Bogard claims TIAA’s strategy steered participants to its own retirement...
Case sensitive
Are They Legally Binding?
Circuit courts are mixed on arbitration clauses in plan documents.
Wake Forest Baptist Health Settles 403(b) Suit for $3.8M
The plaintiffs filed an unopposed settlement after “hard-fought” negotiations.
401(k) Participant Drops Data Breach Suit Against Transamerica
Class action plaintiff complaint files a motion to dismiss the suit against the retirement recordkeeper.
Compliance News
Legislative and Judicial Actions
The DOL updates auditor independence rules; the IRS extends plans’ amendment deadlines for certain CARES Act and Tax Relief Act...
Settlement Reached with Couple that Lost Millions in Profit-Sharing Plan
The pair will pay more than $2 million to settle claims they invested assets in companies in which they had...
Lawsuit For Wake Forest University Retirement Plan Proceeds
The judge has allowed the case to go forward and the ‘plaintiffs should be afforded an opportunity to conduct discovery.’
Parties Reach Preliminary Settlement in 16-Year ERISA Lawsuit
Plaintiffs agree to settle for $267 million in a class action suit that alleged that PricewaterhouseCoopers LLP undercalculated lump-sum payments...
Judge Rules in Favor of Goldman Sachs in ERISA Suit
A federal judge rules that Goldman Sachs did not privilege its own mutual funds at the expense of retirement plan...
3rd Circuit Backs J&J in Stock-Drop Appeal
A new order emphasizes that a stock-drop plaintiff must do more than allege a general economic theory of why earlier...
Judge Rejects Chamber’s Commentary in ERISA Suit
The court rejects the defense’s motion to dismiss the case, but denies the U.S. Chamber of Commerce’s bid to submit...
DOL Sues Couple, Alleges They Lost Millions in Profit-Sharing Plan
A prominent New Jersey couple faces allegations that they invested plan assets in companies in which they had significant financial...
District Court Rejects Cross-Selling Claims in Mixed ERISA Ruling
Much of the ruling sides with plaintiffs and permits the case to move to discovery, but the defendants successfully defeat...
Plaintiffs Allege AME Church Plan Agreed to ERISA Status
The consolidated class action complaint suggests the church plan at issue is an ERISA plan because the summary plan document...
Global Insurance Firm Latest to Face ERISA Litigation
The plaintiffs claim familiar allegations pertaining to excessive recordkeeping and administrative fees.
Compliance News
Legislative and Judicial Actions
The SEC favors proxy voting advice rule amendments; the PBGC issues final rule implementing the Special Financial Assistance program; appeals...
Marmon Holdings Faces Latest Capozzi Adler Complaint
As in many prior ERISA cases, the plaintiffs allege their DC plan fiduciaries breached their duties by failing to adequately...