Citing a recent Seventh Circuit decision, a federal judge has dismissed yet another 401(k) excessive fee suit.
More specifically, U.S. District Judge Jane Magnus-Stinson granted Eli Lilly’s motion... Read More
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Litigation
BY Nevin E. Adams, JD | 2/9/2023
Another of the suits challenging plan fiduciaries’ retention of the BlackRock LifePath target-date funds has been dismissed—but with an opportunity to remedy its shortcomings.
This one had been... Read More
BY Nevin E. Adams, JD | 2/7/2023
Fiduciary defendants—and their investment consultant—have notched a(nother) win in an excessive fee case.
The suit—filed in mid-2020 by seven former employees of Schneider Electric Holdings, Inc.—... Read More
BY Nevin E. Adams, JD | 2/6/2023
While an excessive fee suit had alleged the loss of “millions of dollars in excessive fees, costs, and lost investment opportunity,” the parties have settled for a fraction of that.
The suit was... Read More
BY Nevin E. Adams, JD | 2/1/2023
The plaintiffs in an excessive fee suit are pressing for consideration of a settlement, arguing that recent decisions against claims similar to theirs don’t bode well for their case.
Now, in... Read More
BY John Sullivan | 2/1/2023
A high-profile lawsuit brought by 24 Republican-led states to prevent the Department of Labor’s ESG rule from taking effect threw a wrench into Biden Administration plans.
Plaintiffs... Read More
BY Nevin E. Adams, JD | 1/27/2023
Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it.
More specifically, the coalition, led by Texas Attorney General... Read More
BY Nevin E. Adams, JD | 1/26/2023
The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—has come to terms on the eve of going to trial.
The suit,... Read More
BY Nevin E. Adams, JD | 1/25/2023
When is a company stock fund not a company stock fund?
Perhaps more precisely when is it no longer a company stock fund. That’s likely the heart of a new lawsuit filed by participant-plaintiffs... Read More
BY Nevin E. Adams, JD | 1/23/2023
Yet another 401(k) excessive fee suit has been dismissed for failing to allege a “plausible” claim of injury.
The most recent—a suit filed against Fluor Corp.’s 401(k) a little more than a year... Read More
BY Nevin E. Adams, JD | 1/20/2023
Just four years after striking an excessive fee settlement, a fund company has been sued again—for allegedly not making the changes to its 401(k) lineup the settlement contemplated.
The defendants... Read More
BY Nevin E. Adams, JD | 1/17/2023
Another suit filed by Capozzi Adler has failed to get past a plan fiduciaries’ motion to dismiss.
The suit—filed in October 2021 by Rupinder Singh, Jeffrey S. Popkin, Joni Walker and Jenny Mark on... Read More
BY Nevin E. Adams, JD | 1/12/2023
Plan fiduciaries’ decision to retain an actively managed target-date fund suite has drawn another excessive fee suit.
More specifically, the suit—filed against the $5.6 billion 401(k) plan of... Read More
BY Nevin E. Adams, JD | 1/10/2023
Yet another multi-billion-dollar plan has been sued for recordkeeping and managed account services that the plaintiffs claim were twice what could have been paid for those services.
The target... Read More
BY Nevin E. Adams, JD | 1/6/2023
A federal judge has accepted a magistrate judge’s recommendation to dismiss an excessive fee suit—but gave the plaintiff 30 days to amend their suit, but only with regard to certain points.
The... Read More
BY Nevin E. Adams, JD | 1/4/2023
A new suit—with a plaintiff represented by a new (but suddenly active) law firm claims to be “another example of a large plan filling its 401(k) plan with (1) lower yielding, expensive investments... Read More
BY Nevin E. Adams, JD | 1/3/2023
A recently unveiled settlement in a 401(k) excessive fee suit has hit a snag.
In fairness, the announced settlement was only a “partial” settlement—one that plaintiffs Wendy Berry, Lorri Hulings,... Read More
BY Nevin E. Adams, JD | 12/28/2022
Three parties have been sued as fiduciaries in a case involving theft of a 401(k) balance—a federal judge just let one off the case.
The participant-plaintiff whose account was stolen is one Paula... Read More
BY Nevin E. Adams, JD | 12/27/2022
Commenting that “the proliferation of 401(k) plans has exposed workers to big drops in the stock market and high fees from Wall Street money managers,” another excessive fee suit has been filed—... Read More
BY Nevin E. Adams, JD | 12/22/2022
Loaded up with a fresh set of plaintiffs, a familiar plaintiffs’ attorney is having yet another “go” at plan fiduciaries in an excessive fee suit.
The law firm in question is none other than... Read More
BY Nevin E. Adams, JD | 12/21/2022
A $4 billion plan has struck a $4 million settlement—and “meaningful prospective relief”—in a suit that challenged the fees it paid itself as recordkeeper for its own plan.
Plaintiffs Chris... Read More
BY Nevin E. Adams, JD | 12/19/2022
An excessive fee suit alleges an imprudent self-dealing reliance on proprietary funds—including an imbedded insurance option in the plan’s qualified default investment alternative.
The plan in... Read More
BY Nevin E. Adams, JD | 12/14/2022
Another multi-billion-dollar 401(k) plan has been sued for “grossly excessive” fees.
This time the target is the 16,000-participant, $2 billion plan of NCR Corporation. The plaintiffs in this case... Read More
BY Nevin E. Adams, JD | 12/8/2022
A participant suit targeting TIAA for its loan practices in retirement plans has come up short in identifying a potential class on whose behalf to bring suit.
The suit—filed back in early 2017 (... Read More
BY Nevin E. Adams, JD | 12/2/2022
Two of the suits challenging the prudence of plans holding the BlackRock Lifepath target-date funds were dismissed yesterday.
The suits—one involving Capital One Financial Corp., the other... Read More
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