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Benefit Plan Sponsors › Excessive Fees › Class Action

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Whole Foods settles class action case

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Whole Foods Market has agreed to settle a class-action lawsuit that alleged the company failed to prudently manage the administrative fees of its $1.9 billion 401(k) plan, resulting in millions in losses for employees....more

Holland & Knight LLP

Tenth Circuit Dismisses Claims Related to High-Cost Funds, High Recordkeeping Fees

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The U.S. Court of Appeals for the Tenth Circuit issued its decision in Matney v. Barrick Gold of North America, et al. on Sept. 6, 2023, finding that participants in an employer-sponsored defined contribution retirement plan...more

Holland & Knight LLP

Circuit Courts of Appeal Uphold Dismissal of 401(k) Fee Challenges Post-Hughes

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Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, courts around the country continue to articulate the pleading requirements for a breach of duty of prudence claim under the Employee Retirement...more

Holland & Knight LLP

Low-Cost Index Funds in the Crosshairs of New 401(k) Lawsuits

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Since late July, at least 10 lawsuits have been filed against large 401(k) plan sponsors that offer certain BlackRock Inc. target-date funds (TDF) among their investment options. In an unexpected pivot away from the 401(k)...more

Goodwin

ERISA Litigation Update - April 2022

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Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more

Patterson Belknap Webb & Tyler LLP

SCOTUS ERISA Fee Litigation Update: Hughes et al. v. Northwestern University

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On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit affirmation of the dismissal of...more

Holland & Knight LLP

Supreme Court Stresses Importance of Ongoing Monitoring of All ERISA Plan Investment Options

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In Hughes v. Northwestern University, current and former participants in Northwestern University's defined-contribution retirement plans filed litigation on behalf of the plans' participants asserting that the University, its...more

Dorsey & Whitney LLP

District Court Issues First Post-Northwestern University 401(k) “Fee” Decision

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Just this month, the Supreme Court issued its much anticipated decision in Northwestern University, the first time the Court has been called upon to examine a lawsuit alleging that a 401(k) plan’s investment and fees were...more

Holland & Hart - The Benefits Dial

The Tide is High…Keep Holding On For More Retirement Plan Fee Litigation

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The U.S. Supreme Court’s ruling this week in Hughes v. Northwestern University will do nothing to stem the rising tide of retirement plan fee litigation. But the ruling doesn’t mean fiduciary breach claims are more likely to...more

Miller Canfield

Important Reminder from the U.S. Supreme Court - Just Giving Plan Participants Options Is Not Enough to Satisfy the Duty of...

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KEY TAKEAWAYS - ..Plan fiduciaries have a duty of prudence to independently evaluate on an ongoing basis investments offered in a plan’s menu of options and remove any imprudent ones. ..Plan participants’ ultimate...more

Clark Hill PLC

Supreme Court Declines to Close Floodgates on 401(k) and 403(b) Fee Litigation

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The past 15 years have witnessed a steady stream of lawsuits alleging that employers’ 401(k) or 403(b) plans forced participants into underperforming or overpriced investment options, or that plan participants’ accounts were...more

Parker Poe Adams & Bernstein LLP

U.S. Supreme Court Says Retirement Plan Must Scrutinize Expenses Even if It Offers Lower-Fee Options

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In recent years, participants in 401(k) and similar employer-sponsored retirement plans have filed class action suits alleging that the plans contain overly expensive investment options. On Monday, the U.S. Supreme Court...more

Woodruff Sawyer

Protecting Against the ERISA Litigation Surge

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ERISA litigation has exploded in the past few years, particularly cases alleging excessive fees. Last year was the high-water mark for ERISA class actions with over 200 cases filed, an 80% increase from 2019. 2021 is on track...more

Holland & Knight LLP

District Court Dismisses 401(k) Excessive Fee Lawsuit

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The U.S. District Court for the Northern District of Illinois has dismissed a putative class action lawsuit brought under the Employee Retirement Income Security Act of 1974 (ERISA) by a participant of 401(k) plan against the...more

McDermott Will & Emery

Federal Court Certifies Class in Multiple-Plan ERISA Challenge to Health-Plan and Retirement-Plan Fees

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A Texas federal court certified a class in an ERISA action brought by participants in one plan, but alleging class claims on behalf of participants in many different plans sponsored by different, unaffiliated employers. See...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #8

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Best Practices: Lessons Learned from Litigation—the Anthem Case - I am writing two series of articles that together are called “The Bests.” One is about Best Practices for Plan Sponsors, while the other is about the Best...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BB&T settles 401(k) lawsuit

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With a planned merger with SunTrust, BB&T tied up a loose end by agreeing to a $24 million settlement on a class action lawsuit filed against them over their 401(k) plan....more

Proskauer Rose LLP

The ERISA Litigation Newsletter - January 2017

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Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

BCLP

Exceptional Plan Governance: Beat Back the Coming Litigation Onslaught

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It was bound to happen. For several years, the plaintiffs’ bar has sued fiduciaries of large 401(k) plans asserting breach of their duties under ERISA by failing to exercise requisite prudence in permitting excessive...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - June 2016

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - February 2016

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Avoiding The “Bumps” Of Being A Retirement Plan Provider - I’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out...more

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