Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support... Read More
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Litigation
BY Nevin E. Adams, JD | 9/11/2023
A federal judge has held that a participant that wasn’t invested in the funds in question lacked standing to bring suit—and that his claims about excessive recordkeeping fees weren’t specific enough... Read More
BY Nevin E. Adams, JD | 9/7/2023
Noting that “where ERISA is concerned, nationwide uniformity isn’t just an ideal—it’s an imperative,” AT&T has appealed a recent ruling by the Ninth Circuit Court of Appeals.
In petitioning... Read More
BY Nevin E. Adams, JD | 9/6/2023
Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.”
The plaintiff bringing suit just a year ago (September... Read More
BY Nevin E. Adams, JD | 9/5/2023
A federal magistrate judge—who has been tasked with a number of recommendations regarding dismissals of late—has recommended that an excessive fee suit be dismissed, this one with prejudice.
In... Read More
BY David Levine, JD | 8/31/2023
Competition between service providers can create the incorrect image that the industry is rife with conflict.
A common theme in many lawsuits and regulatory investigations is a “conflict” between... Read More
BY NAPA Net Staff | 8/31/2023
Amidst a highly politicized environment, retirement plan litigation recently has focused on the inclusion of ESG (environmental, social & governance) factors—or the lack thereof. Nevin (Adams)... Read More
BY Nevin E. Adams, JD | 8/31/2023
A federal magistrate judge has—again—recommended tossing an excessive fee suit against a $4 billion 401(k) plan—this time with prejudice.
While the recommendation still requires the signoff of a... Read More
BY Nevin E. Adams, JD | 8/30/2023
While a federal judge found some merit in the arguments alleging that the Labor Department’s compliance assistance release on cryptocurrency had an impact on a recordkeeper’s business, it wasn’t... Read More
BY Nevin E. Adams, JD | 8/29/2023
In response to a motion to dismiss his suit regarding ESG investments—and ESG-friendly investment managers—in his 401(k), an American Airlines participant has expanded the information in his initial... Read More
BY Nevin E. Adams, JD | 8/28/2023
The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money.
The proposed settlement comes in an action brought by... Read More
BY Ted Godbout | 8/25/2023
Robinhood’s bid to undo the Bay State’s fiduciary rule holding broker-dealers to the same standard as investment advisers hit a roadblock after the state’s high court reversed a lower court’s ruling... Read More
BY Bonnie Treichel, JD, and Nevin E. Adams, JD | 8/23/2023
ERISA breach of fiduciary duty litigation in 401(k) and 403(b) cases continues to persist, with new litigants rapidly emerging. Though these cases remain primarily confined to the mega-plan market... Read More
BY Nevin E. Adams, JD | 8/23/2023
Just four years after striking an excessive fee settlement, a fund company has been sued again—and settled again—for allegedly not making the changes to its 401(k) lineup the original settlement... Read More
BY Ted Godbout | 8/21/2023
In what has been cited as a top concern of investment adviser compliance officers, the Securities and Exchange Commission on Aug. 21 announced charges against a New York-based fintech investment... Read More
BY John Sullivan | 8/21/2023
Almost 26,000 New York Life customers had their names and Social Security numbers exposed to a data breach, the latest in a massive hack that affected hundreds of companies and millions of... Read More
BY Nevin E. Adams, JD | 8/16/2023
Despite “uncertain” claims regarding alleged fiduciary breaches, “thin” methodology, and opinions that bordered on “conclusory,” a federal judge has denied the plan fiduciaries’ motion to... Read More
BY Nevin E. Adams, JD | 8/14/2023
The fiduciary defendants in another of the BlackRock LifePath target-date fund suits have successfully fended off litigation claiming they chased low fees and disregarded poor performance.... Read More
BY NAPA Net Staff | 8/9/2023
That next wave of fiduciary litigation seems to be expanding, based on social media outreach by the law firm of Schlichter Bogard.
The litigation’s basis is found in the provisions of the... Read More
BY Nevin E. Adams, JD | 8/8/2023
It’s not the first time out for these plaintiffs (Julio C. Alas, Robert J. Bugielski, and Chad S. Simecek), though it is their first win.
They lost twice already at the district court level—... Read More
BY Nevin E. Adams, JD | 8/7/2023
Plan fiduciaries say that a suit brought by a participant alleging a breach of fiduciary duty by a plan that included ESG options on its menu—and funds managed by ESG-friendly managers—didn’t invest... Read More
BY John Sullivan | 8/7/2023
Is the litigation tide turning in favor of plan sponsors? That’s a growing perception but one contradicted by data, at least when it comes to dismissal motions.
Fiduciary liability insurance... Read More
BY Nevin E. Adams, JD | 8/2/2023
Yet another fund provider has found itself in the crosshairs of a participant-plaintiff suit from their own 401(k) plan.
The plaintiffs here are Amber Colston, Willis Bramwell and Roseann Blessing... Read More
BY Nevin E. Adams, JD | 8/1/2023
Another federal court has found that plaintiffs failed to allege “sufficient facts from which the Court could plausibly infer” that recordkeeping fees were excessive relative to the services provided... Read More
BY Nevin E. Adams, JD | 7/28/2023
A shift in precedent has lowered the bar to establish a plausible argument sufficient to overcome a motion to dismiss—and plaintiffs in yet another case are getting another shot at proceeding to... Read More
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