Fiduciary Duty, Settlement, Department of Labor (DOL)

Plan Sponsors Beware: The U.S. Supreme Court Just Eased Requirements to File ERISA Prohibited Transaction Suits

Ropes & Gray LLP on 5/2/2025

Many sponsors and fiduciaries of ERISA retirement plans had been hoping that the U.S. Supreme Court’s opinion in Cunningham v. Cornell University (No. 23-1007) would articulate new pleading standards that would slow the...more

New DOL Settlement Takes Aim at Indemnification for ESOP Fiduciaries

Polsinelli on 1/26/2021

On January 12, 2021, the United States Department of Labor (“DOL”) entered into a consent order with another fiduciary of an employee stock ownership plan (“ESOP”). The consent order in Scalia v. Professional Fiduciary...more

Settlements should encourage vigilance

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on 1/24/2019

While 2018 may have had less 401(k) litigation than the previous year, there was more than $90 million in settlements....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/2/2016

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider

Proskauer - Employee Benefits & Executive... on 12/19/2014

Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more

What Should the Trustee of a Private ESOP Do?

Stinson - Benefits Notes Blog on 7/17/2014

The Department of Labor (DOL) recently entered into an agreement with GreatBanc Trust Company settling claims relating to its service as trustee of an employee stock ownership plan (ESOP) holding stock of a private company....more