News & Analysis as of

Breach of Duty Employee Retirement Income Security Act (ERISA) Investment Opportunities

Carlton Fields

Considerations for Plan Sponsors in the Wake of Cunningham v. Cornell

Carlton Fields on

Excessive fee cases against plans governed by the Employee Retirement Income Security Act (ERISA) have been on the rise for the last decade. ERISA litigation is expanding with novel theories such as forfeiture litigation....more

Littler

Michigan Court Dismisses ERISA Class-Action

Littler on

Fiduciaries of 401(k) and other retirement plans continue to be targeted by class action lawsuits brought under the Employee Retirement Income Security Act (ERISA) challenging fiduciary decisions regarding investment options...more

Littler

Federal Court Dismisses Case Alleging Breach of ERISA Fiduciary Duties in 401(k) Class Action

Littler on

Fiduciaries of retirement plans continue to be plagued by class actions brought under the Employee Retirement Income Security Act (ERISA) challenging their fiduciary management of investment options and participant fees. A...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plan errors are more likely than fiduciary breaches

If you read my writings, you know that fiduciary liability is one of the plan sponsor’s more important concerns as a plan fiduciary. Since participant-directed plans under ERISA §404(c) are supposed to limit a plan sponsor’s...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Microsoft wins Blackrock TDF lawsuit

A U.S. District Court judge threw out a case against Microsoft which claimed that the BlackRock LifePath Index Funds suite of target-date funds was an imprudent investment choice for their plan participants....more

Littler

Update in ERISA Litigation Involving Breaches of Fiduciary Duty Claims

Littler on

Lawsuits against employers offering retirement benefit plans have been on the rise.  Recent suits, discussed in this update, have provided some guidance for employers.  In January 2022, the Supreme Court issued the Hughes...more

Proskauer - Employee Benefits & Executive...

District Court Rejects Demand for Jury Trial in 401(k) Investment Litigation

A South Carolina federal district court denied plaintiffs’ demand for a jury trial in an ERISA fiduciary-breach action. The court held that, because federal courts in the Fourth Circuit and elsewhere have consistently held...more

Proskauer - Employee Benefits & Executive...

District Court Partially Dismisses ERISA 401(k) Fee and Performance Claims for Lack of Standing

A federal district court in New York recently granted Omnicom Group Inc.’s (“Omnicom’s”) motion to dismiss, for lack of Article III standing, claims challenging the offering of investment options in Omnicom’s 401(k) plan in...more

Proskauer - Employee Benefits & Executive...

Fifth Circuit Holds Participants Lack Standing To Challenge Plan Investment Options

The Fifth Circuit affirmed the dismissal, for lack of standing, of a fiduciary breach representative action against American Airlines and its 401(k) plan investment committee.  Ortiz v. American Airlines, Inc., No. 20-10817,...more

Carlton Fields

Prudent Process Defeats DOL

Carlton Fields on

A recently released case highlights the protection afforded by a retirement plan committee that takes its role seriously. In Scalia v. WPN Corp., No. 2:14-cv-01494, 2019 WL 4748052 (W.D. Pa. Sept. 30, 2019)), a Pennsylvania...more

Seyfarth Shaw LLP

The Third Circuit Carries On The Judicial Debate Over The Level Of Specificity Needed In An ERISA Fee Complaint

Seyfarth Shaw LLP on

Synopsis: A new Third Circuit decision has allowed an ERISA fee complaint to stand even though there were no specific allegations of fiduciary errors in the process of selecting investment options and fees. ...more

Seyfarth Shaw LLP

ERISA University Excessive Fee Cases Take Another Hit

Seyfarth Shaw LLP on

Seyfarth Synopsis: Excessive fee complaint dismissed because the diverse selection of funds available to plan participants negates any claim that Defendants breached their duties of prudence simply because cheaper funds were...more

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