Seyfarth Synopsis: Since August 2016, sixteen elite colleges and universities have faced class action lawsuits related to management of their retirement plans. After five cases previously survived motions to dismiss, the...more
9/28/2017
/ Breach of Duty ,
Class Action ,
Colleges ,
Dismissals ,
Employee Benefits ,
Excessive Fees ,
Fiduciary Duty ,
Fraud ,
Investment Companies ,
Investment Management ,
Penn State ,
Retirement Plan ,
Universities
On April 14, 2015, the DOL issued a new proposed rule to expand the definition of “fiduciary” under ERISA. This is the second time in recent years that the DOL has gone down this path. The first proposed rule (issued in 2010)...more
In a case we have blogged about before, the Supreme Court in Tibble v. Edison International unanimously has concluded that an ERISA fiduciary has a continuing duty to monitor investments made in an ERISA governed savings...more