A federal magistrate judge has recommended that a pair of excessive fee suits—previously dismissed for failure to state a plausible claim—be given another chance based on a new standard.
The... Read More
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Litigation
BY Nevin E. Adams, JD | 7/24/2023
A federal appellate court has held that a plan’s adoption of an arbitration agreement is sufficient to require a class action suit on behalf of the plan to those terms.
The suit was filed in... Read More
BY Nevin E. Adams, JD | 7/21/2023
A new excessive fee suit challenges the imprudent selection of share classes, the poor selection of a stable value offering AND exorbitant recordkeeping fees.
Here we have one participant-... Read More
BY Nevin E. Adams, JD | 7/19/2023
A federal appellate court has backed the ruling of a lower court, finding that a 401(k) plan’s investment consultant acted prudently, and in the interests of participants in decisions regarding a... Read More
BY Nevin E. Adams, JD | 7/18/2023
A “painstakingly negotiated global Settlement” of some $124 million involving multiple suits (and the involvement of the Labor Department) has been reached in a long-standing ERISA suit.
The... Read More
BY NAPA Net Staff | 7/18/2023
It’s been a hot summer here (and likely “there” as well)—and there’s been so much going on lately that our brief recap wound up being a podcast episode unto itself. So, what’s “hot?” ... Read More
BY Nevin E. Adams, JD | 7/14/2023
The terms of a settlement in an excessive fee suit against a $2.3 billion 403(b) plan have come to light.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454,... Read More
BY Nevin E. Adams, JD | 7/13/2023
Just ahead of a scheduled trial date, the parties in a fiduciary breach suit involving a $30 billion master trust have come to terms.
The suit—filed in February 2016 by Melina N. Jacobs—alleged... Read More
BY Nevin E. Adams, JD | 7/12/2023
The parties involved in a suit challenging the ability to defer more to a 401(k) have come to terms, with a settlement of roughly $1.5 million.
The suit (Baird v. Hyatt Corp., C.D. Cal., No. 2:22-... Read More
BY Nevin E. Adams, JD | 7/10/2023
The parties in an excessive fee suit have struck a deal—approximately three years after being filed, and despite making changes that arguably mitigated at least some of the claims.
Plaintiffs... Read More
BY Nevin E. Adams, JD | 7/6/2023
With a growing focus on the fiduciary responsibilities for healthcare plans, a national employer is suing Aetna for breaching its fiduciary duties in approving and paying “false, fraudulent, and... Read More
BY Nevin E. Adams, JD | 7/3/2023
A federal magistrate judge has recommended curtailment of a key rollover provision of the Labor Department’s investment advice regulation.
The recommendation of U.S. Magistrate Judge Rebecca... Read More
BY Nevin E. Adams, JD | 6/30/2023
The allegations in a new excessive fee suit are familiar—but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed.
Commenting that “... Read More
BY Nevin E. Adams, JD | 6/29/2023
One of the first excessive fee suits filed against university 403(b) plans has (finally) come to a conclusion with a jury verdict in favor of the fiduciary defendants—with an odd twist (or two).... Read More
BY Nevin E. Adams, JD | 6/28/2023
Collective investment trusts (CITs) have often been touted as superior (less expensive) alternatives to mutual funds in excessive fee suits—but a settlement has been struck in a case alleging... Read More
BY Nevin E. Adams, JD | 6/26/2023
Another target-date fund family has been…targeted…in a fiduciary breach suit that claims plan fiduciaries failed to prudently review—and remove—underperforming target-date funds.
The target-date... Read More
BY Nevin E. Adams, JD | 6/20/2023
Finding that, as in baseball, “three strikes and you’re out,” an excessive fee suit has been dismissed—with prejudice.
Participant-plaintiff Drew Mateya[i] had filed suit against Cook Group... Read More
BY Nevin E. Adams, JD | 6/15/2023
Another of the suits alleging that plan fiduciaries “chased” low fees and disregarded poor performance has been dismissed, though not with “prejudice.”
These suits have also been filed on... Read More
BY Nevin E. Adams, JD | 6/14/2023
After a lot of comings and goings, filings and amended filings, an excessive fee suit brought against a $7.9 billion multiple employer plan has faded into the sunset…
The suit was filed in May... Read More
BY Nevin E. Adams, JD | 6/12/2023
A participant in yet another mega 401(k) plan claims participants paid nearly twice what they might have for “fungible” recordkeeping services.
This time it’s participant-plaintiff Matthew A.... Read More
BY Nevin E. Adams, JD and John Sullivan | 6/11/2023
ERISA litigation lawyer Jerry Schlichter has taken to social media to hunt for potential employee plaintiffs for a new brand of fiduciary litigation.
His law firm, Schlichter Bogard,... Read More
BY Nevin E. Adams, JD | 6/9/2023
A federal judge has dismissed a multi-billion plan fiduciaries motion to dismiss an excessive fee/fiduciary breach suit.
The defendants in this case—filed in the U.S. District Court for the... Read More
BY Nevin E. Adams, JD | 6/8/2023
The Department of Labor has pushed back on a lawsuit filed by a coalition of 25 state attorneys general that challenged its so-called ESG regulation.
The coalition,[i] led by Texas Attorney... Read More
BY Nevin E. Adams, JD | 6/5/2023
Transitions to new recordkeeping platforms have been known to result in some bumps along the way—but a new lawsuit charges those overseeing and operating the federal government’s $766 billion Thrift... Read More
BY Nevin E. Adams, JD | 6/5/2023
A participant lawsuit claims that American Airlines has put retirement savings at risk by investing with managers and funds that “pursue leftist political agendas through environmental, social and... Read More
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