The Colorado federal court concluded last summer, in Teets v. Great-West Life & Ann. Ins. Co., that an insurer could be subject to ERISA liability for receiving unreasonable compensation in connection with a stable value...more
WilmerHale Partner Charles Platt, a leading commercial litigator who is recognized nationally for his work defending financial services and insurance companies, periodically drafts legal news alerts for clients about the life...more
3/29/2016
/ Annuities ,
Captive Insurance Company ,
Class Action ,
COI Rates ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Insurance Industry ,
Investment Company Act of 1940 ,
Life Insurance ,
Proposed Regulation ,
Reinsurance ,
Retirement Plan Providers
Class action plaintiffs have long claimed that insurance companies may become ERISA fiduciaries when offering variable annuity products and funds to 401(k) plans.
The Colorado federal court decision in Teets v. Great...more
The 8th Circuit's recent decision on "excessive fees" under ERISA, titled McCaffree v. Principal Life, is instructive for three reasons: -
First, it adds to the line of circuit court precedents holding that an insurance...more
The class action complaint titled Bell v. Anthem, Inc., et al. (S.D. Indiana) raises a number of novel ERISA allegations that could be a preview of the future, especially if the DOL fiduciary rule is adopted this...more
1/5/2016
/ 401k ,
Anthem Insurance ,
Breach of Duty ,
Class Action ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Insurance Industry ,
Retirement Plan ,
Retirement Plan Providers
A recent decision on "excessive fees," titled Santomenno v. Transamerica Life (C.D. Cal.), supports an even broader theory of ERISA liability than the "sub-advisor" claims I have previously reviewed, but it restricts that...more