Fiduciary Governance

The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof. The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District ... READ MORE

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 fairness, that’s not precisely their argument[1]. But these plaintiffs (Reichert et al. v. Juniper Networks... READ MORE

There are few things more disruptive to the peace or clarity of a 401(k) plan than a switch in recordkeepers. Let’s face it — change — even change for the better — is frequently disruptive to the human psyche. Most of us tend to drift into comfortable “ruts” of pattern, or perhaps habit — places... READ MORE

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 ago by former participants Deborah Locascio and David Summers. Represented by Miller Shah LLP and... READ MORE

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 in the case are Allianz Asset Management of America, and the (new) participant-plaintiffs are Chad... READ MORE

A new survey that polled retirement plan sponsors, financial advisors and plan participants finds little appetite among plan participants to invest their retirement assets in cryptocurrency.  In polling 558 plan participants about their preferred retirement asset options for 2023, Ubiquity... READ MORE

New year, new duties? A Missouri senator has introduced legislation that would modify the duties of fiduciaries serving public employee retirement systems. Sen. Jill Carter (R-Jasper and Newton) on Jan. 4 introduced the bill, SB 436. It provides that an investment fiduciary would discharge his or... READ MORE

It is a growing club that no one wants to join: the club of companies who became victims of cyberterrorism. Whether the release of credit card data from the infamous Target inside job, the gas pipeline shutdown at Colonial Pipeline, or the more recent CNA Financial ransom attack, it is often not a... READ MORE

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 Capozzi Adler PC[1] (and Johnson Fistel LLP), which filed a similar (identical?) suit against this same... READ MORE