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Fiduciary Governance
The suit, which had alleged that “…many managed account services merely mimic the asset allocations available through a target date fund while charging additional unnecessary fees for their services,” has announced a cash settlement.
The settlement had been announced back in September by the...
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An excessive fee suit involving proprietary funds claims that fiduciary breaches not only undermined participant retirement security but played a role in a recordkeeping acquisition.
The plaintiff suing here[1] is Judy Lalonde, a participant in the MassMutual Thrift Plan. The suit claims that the...
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I had just completed a fiduciary training session for a client’s board in South Bend, IN, when one of the more senior board members pulled me aside to tell me a story. His father had been employed by Studebaker when it went under in 1963 — and took its pension plan with it. As the story goes, and...
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A recordkeeper that has sued the Labor Department based on its comments regarding cryptocurrency in defined contribution plans has told a federal judge it’s fine with dismissing its suit—if the court will hold the agency to its previous statements.
Basically, the ForUsAll plaintiffs—a 401(k)...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
How do you communicate with clients about complex administrative topics? In our Fall cover story, Shannon Edwards and Justin Bonestroo offer some valuable tips in four key areas. In this issue’s feature articles,...
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The parties in another excessive fee suit have come to terms following work with a “respected mediator.”
The plaintiffs here (In re: LinkedIn ERISA Litigation, case number 5:20-cv-05704, in the U.S. District Court for the Northern District of California) are two former and one current participant...
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COVID notwithstanding, the retirement plan industry has seen a record increase in court filings and litigation the past few years — and a recent session at the ASPPA Annual National Conference explored those issues and the underlying causes.
The session — led by Kizzy Gaul, Esq, ERISA Attorney at...
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The 2022 ASPPA Annual Conference was just held at National Harbor, MD near our Nation’s Capital. As always, it was an ideal opportunity to learn, establish new connections and reconnect, hear important updates about the organization and crucial developments affecting it, gain tools by which to...
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The parties in another excessive fee suit have come to terms six months after getting the green light to go to trial.
In the U.S. District Court for the Eastern District of Wisconsin the parties noted that on Sept. 13, 2022, they “…mediated before private mediator Bob Meyer of JAMS, and reached a...
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“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms — in less than a year.
The parties here — plaintiffs Trudy Clark, Donna...
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“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms—in less than a year.
The parties here—plaintiffs Trudy Clark, Donna...
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Cybersecurity may feel like an unending purgatory of whack-a-mole. But an expert panel at an Oct. 25 session of the 2022 ASPPA Annual Conference offered some tips that can help lead one closer to the promised land of greater security.
“Cyber Cyphers: Tips, Tricks and Practice Shifts that Can Keep...
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Most of the claims were familiar (as was the plaintiffs’ attorney), but there were some interesting nuances in the arguments in the latest excessive fee case — which happens to involve a multiple employer plan, or MEP.
This one (McLachlan v. Int’l Union of Elevator Constructors, E.D. Pa., No. 2:22...
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As federal courts turn their attention(s) to a series of suits challenging plans with a series of BlackRock target-date funds on their hands, the American Retirement Association has joined the fray in a “friend of the court” brief.
The amicus[1] brief (Tullgren v. Booz Allen Hamilton Inc., E.D. Va...
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The fiduciaries of a relatively small retirement plan have come to relatively smaller terms in an excessive fee suit.
First and foremost, the settlement proposed provides $330,000 in the form of a “Settlement Fund.”
This litigation was initially commenced on Sept. 3, 2020, alleging that the...
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The latest excessive fee suit targets “wildly excessive compensation,” an allegedly imprudent stable value offering, and the unmonitored use of “float” income.
More specifically, the participant-plaintiffs of Miami, Florida-based Lennar Corp. are raising issues with the recordkeeping/...
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A federal court decision establishing a new, higher burden of proof in excessive fee suits has — for now — handed fiduciary defendants another win.
The win in this case — Baumeister v. Exelon Corp., N.D. Ill., No. 1:21-cv-06505, 9/22/22—was a suit filed by participant-plaintiffs Fred Baumeister,...
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Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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A trio of Republican legislators have introduced a bill that would widen the acceptable investment classes in defined contribution plans to, well, pretty much anything—including “digital assets.”
The Retirement Savings Modernization Act was just introduced by U.S. Sens. Pat Toomey (R-PA) and Tim...
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The plan size somewhat smaller, the plaintiff’s law firm relatively unknown in these matters—but the claims are familiar.
This time the plaintiff bringing suit is Grace Angelo—the targeted plan, the NCLC 401(k) Plan, as well as NCL Corporation LTD, and the Plan’s administrator, NCL (BAHAMAS) LTD...
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