News & Analysis as of

Compensation & Benefits › Employee Retirement Income Security Act (ERISA) › Breach of Duty

Haynes Boone

DOL Approves the Use of Forfeitures to Offset Employer Contributions

Haynes Boone on

In a lawsuit currently under appeal at the U.S. Court of Appeals for the Ninth Circuit, the court has been asked to decide whether the plan administrator violated its fiduciary duties of prudence and loyalty under ERISA when...more

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

Carlton Fields

Insurer Allowed to Benefit From Foreign Tax Credits Distributed by Underlying Funds

Carlton Fields on

The Eleventh Circuit Court of Appeals recently held that a life insurance company did not breach its fiduciary duties by retaining the benefits that it derived from foreign tax credits. The plaintiffs argued that, under...more

Pullman & Comley - Labor, Employment and...

Retirement Plan Update – Forfeitures are New Focus of Fiduciary Breach Litigation

Pullman & Comley - Labor, Employment and... on

Many employer-sponsored defined contributions plans, including 401(k) profit sharing plans and money purchase pension plans include a vesting schedule – a period over which a plan participant earns a nonforfeitable right to...more

Seyfarth Shaw LLP

The DOL May Not Actually Want to Hear From You: New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The DOL updated its voluntary fiduciary correction program (“VFCP”) which was introduced over 20 years ago to allow plan sponsors to corrected enumerated fiduciary breaches. The amended VFCP now allows for self-correction of...more

Seyfarth Shaw LLP

Court Finds Named Plaintiffs Inadequate to Represent Proposed Class on ERISA Excessive Fee Claims

Seyfarth Shaw LLP on

Seyfarth Synopsis: A recent decision from the Eastern District of Michigan serves as a reminder that—while courts are often quick to certify classes in ERISA cases—plaintiffs must satisfy the requirements of Rule 23 and that...more

Groom Law Group, Chartered

Fidelity Wins Dismissal from ERISA Claims Based on “Infrastructure” Fees

Groom Law Group, Chartered on

Several highly publicized lawsuits were brought against the Fidelity organization in 2019 in connection with Fidelity’s receipt of “infrastructure fees” from mutual fund families and other investment providers made available...more

Littler

Second Circuit Rules ERISA Plan Can Be Reformed Absent Any Mistakes, Fraud or Other Inequitable Conduct

Littler on

The Second Circuit recently considered for the first time whether the equitable remedy of reformation was available under the Employee Retirement Income Security Act (ERISA) where a court determined that the written terms of...more

Carlton Fields

401K Not OK: ERISA Class Certified Under Rule 23(b)(1)(B)

Carlton Fields on

A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more

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