Regulation
Supreme Court to Hear ERISA Excessive Fee Case
The lawsuit seeks to define what ‘care, skill, prudence, and diligence’ really mean for fiduciaries.
Tag: ERISA
Risk
State Street Accused of Self-Dealing With 401(k) Plan
Lawsuit alleges firm breached its fiduciary duties by providing underperforming proprietary funds.
Asset Allocation
Lawsuit Accuses Caesars, Russell Investment of Gambling with 401(k) Plan
The plaintiffs claim switching from State Street has cost participants $100 million in losses.
Regulation
Securing a Strong Retirement Act Passes Ways and Means Committee
Among other measures, the bill would expand automatic enrollment for 401(k) and 403(b) plans.
Asset Management Culture
CalSavers Survives Legal Challenge
Appellate court rules ERISA doesn’t pre-empt the California law that created the state-managed IRA program.
Risk
Kimberly-Clark Faces ERISA Lawsuit over 401(k) Plan
Lawsuit alleges fiduciary failure cost participants nearly $6.3 million in retirement plan services fees.
Risk
Lawsuit: DC Plans More Vulnerable to ERISA Litigation Than DB Plans
Lawyers taking aim at a company’s retirement savings plan say firms with 401(k)s should expect to be sued more than those with traditional pensions.
Market Moves
Court Rules in Favor of Principal Life Insurance in ERISA Lawsuit
District court judge concludes conflict of interest alone is not a breach of fiduciary duties.
Risk
BlackRock Agrees to Settle ERISA Lawsuit
Asset management giant ends class action litigation by paying plan participants $9.65 million.
Regulation
GOP Senators Demand Reversal of DOL’s ESG Decision
Republicans say retirement plans will be harmed if fiduciaries promote justice, diversity, and lower carbon emissions.
Regulation
DOL Finalizes Fiduciary Exemption Consistent with Best Interest Standard
Investment professionals can collect payment for a wider range of transactions, so long as they satisfy the reinstated ‘five-part test’ for fiduciaries.
Regulation
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
Risk
Northern Trust Sued for Allegedly Loading 401(K) with Proprietary Duds
Lawsuit claims default retirement plan investments have underperformed up to 90% of peers for nearly a decade.
Regulation
DOL Sends Fiduciary Rule Update to OMB
Experts believe the White House will conduct a quick review of the ‘middle-of-the-way’ proposal.
Pensions
Court Rules for Colgate Retirees in Benefit Calculation Lawsuit
Colgate may have to pay a total of $300 million to 1,200 retirement plan participants.