Another of the 401(k) plans sued for offsetting company contributions with plan forfeitures rather than reallocating them to participant accounts, has filed a motion to dismiss the suit.
The... Read More
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Litigation
BY Nevin E. Adams, JD | 1/17/2024
BY Nevin E. Adams, JD | 1/16/2024
Yet another of the plan fiduciaries sued for offsetting employer contributions with forfeitures has moved to dismiss the suit for failure to state a claim—taking a different approach than other such... Read More
BY NAPA Net Staff | 1/11/2024
Late last year a Pasadena, California law firm launched a series of suits alleging that the use of forfeitures to offset employer contributions was a fiduciary breach—Nevin (Adams) and Fred (Reish)... Read More
BY John Sullivan | 1/10/2024
The Department of Labor (DOL) filed two lawsuits against two defunct Maryland companies for failure to remit employer and employee contributions to their 401(k)s.
Acting Labor Secretary Julie Su... Read More
BY Nevin E. Adams, JD | 1/9/2024
“If this is the law, then that would be news to Congress and the regulatory agencies, which have declared for decades that forfeitures can be used in this manner,” says a motion to dismiss a lawsuit... Read More
BY John Sullivan | 1/9/2024
“I think 2023 was more about the activity in the pending cases and less about new cases filed,” Daniel Aronowitz said when asked about last year's excess fee and performance cases.
On Monday, the... Read More
BY Nevin E. Adams, JD | 1/8/2024
A federal judge has reviewed—and approved—an excessive fee settlement agreement, albeit with some modifications.
The participant-plaintiffs in this case are Salvador Aquino, Susan Ford,... Read More
BY Nevin E. Adams, JD | 1/2/2024
A number of lawsuits have recently been filed regarding the alleged misuse of forfeitures—but just a couple of months ago a plan was sued—and lost—a case brought by the Labor Department for not... Read More
BY Nevin E. Adams, JD | 12/28/2023
A billion-dollar plan has come to terms—cash and non-monetary terms—with participant-plaintiffs represented by Capozzi Adler that had made claims the plan paid $77 per participant, when plans of... Read More
BY Nevin E. Adams, JD | 12/19/2023
A new suit claims that the interest rates paid on Merrill Edge retirement accounts have lagged market trends and fallen short of the “reasonable” rates they claim to provide.
The suit was... Read More
BY Nevin E. Adams, JD | 12/18/2023
The Labor Department says a federal judge mis-instructed the jury on the burden of proof in an excessive fee suit—and wants them to get another hearing.
The suit against Yale University was one of... Read More
BY Nevin E. Adams, JD | 12/18/2023
Fiduciary defendants have moved to dismiss (with prejudice) a 401(k) suit that alleged a fiduciary breach in the use of forfeitures to offset company contributions saying, among other things, that... Read More
BY Nevin E. Adams, JD | 12/14/2023
Fiduciaries of a relatively small 401(k) plan have fended off an excessive fee suit with a federal judge finding no “meaningful benchmark” against which to assess a fiduciary violation.
The Suit... Read More
BY Nevin E. Adams, JD | 12/11/2023
After years of hard-fought litigation, the parties in an excessive fee suit have come to terms—including cash and “other non-monetary relief.”
Participant-plaintiffs Jillyn Peterson, Gabe Hare,... Read More
BY Nevin E. Adams, JD | 12/6/2023
The fiduciary defendants of a $4.3 billion 401(k) plan have prevailed in their revised motion to dismiss a fiduciary breach suit involving the selection and retention of a suite of target date funds... Read More
BY Nevin E. Adams, JD | 12/4/2023
Yet another multi-billion dollar 401(k) plan finds itself in the cross-hairs of the plaintiffs’ bar.
The suit—brought by participant-plaintiffs Randall W. Ruebel, Mario Hudson, and Tammy L.... Read More
BY Nevin E. Adams, JD | 11/29/2023
The parties in an excessive fee suit have come to terms—on at least one aspect of the litigation, though the bulk remains to be appealed.
The suit in question involves Genentech’s $7.6 billion (33... Read More
BY NAPA Net Staff | 11/22/2023
At the 2023 NAPA/NTSA ERISA 403(b) conference, Nevin & Fred went LIVE to focus on the differences in SECURE 2.0 for 403(b) and 401(k) plans—with a special guest. And then the focus turned to... Read More
BY Nevin E. Adams, JD | 11/22/2023
The parties in a suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” have come to... Read More
BY Nevin E. Adams, JD | 11/20/2023
A recent appellate court ruling that upheld a district court’s rejection of expert witness testimony has been raised as a defense in an excessive fee suit.
The suit in question involved the... Read More
BY Nevin E. Adams, JD | 11/15/2023
Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm.
The most recent case[i] involved Cornell University, which had already... Read More
BY Nevin E. Adams, JD | 11/14/2023
As a number of similar suits have failed to gain traction in federal court, the participant-plaintiff in one of those suits has dropped his suit.
The notice of voluntary dismissal (Anderson v.... Read More
BY Nevin E. Adams, JD | 11/13/2023
The telecommunications giant’s motion to have a controversial appellate court decision reconsidered by the full court has been rejected.
In petitioning for a rehearing of the appellate court’s... Read More
BY Nevin E. Adams, JD | 11/10/2023
A plan sponsor and plan committee have filed suit, alleging that an advisory firm swindled $1.5 million from a 401(k) plan.
In this case those plan fiduciaries—United Airlines, Inc., United... Read More
BY Nevin E. Adams, JD | 11/7/2023
Another multi-billion-dollar 401(k) plan finds itself in the crosshairs of an excessive fee suit.
This time it was participant-plaintiffs Shauna Winkelman, Michael Lenon, Scott Cenna, Kalea Nixon... Read More
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