The Fifth Circuit recently reversed a district court’s dismissal of claims that the fiduciaries of a 401(k) plan breached the duty of prudence under ERISA by offering participants retail share classes instead of cheaper...more
5/9/2024
/ 401k ,
Article III ,
Class Action ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fees ,
Fiduciary ,
Investment ,
Recordkeeping Requirements ,
Retirement Plan ,
Reversal ,
Share Classes ,
Standing
A California district court recently denied a motion to dismiss claims that the fiduciaries of a 401(k) plan breached their ERISA fiduciary duties of prudence and loyalty by selecting underperforming, high-cost investments...more
2/28/2024
/ 401k ,
Breach of Duty ,
California ,
Class Action ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fees ,
Fiduciary Duty ,
Financial Adviser ,
Motion to Dismiss ,
Mutual Funds
On remand from the U.S. Supreme Court, the Seventh Circuit issued its opinion in Hughes v. Northwestern University, concluding that participants in two Northwestern 403(b) plans plausibly pled fiduciary-breach claims based on...more
4/4/2023
/ 403(b) Plans ,
Breach of Duty ,
Class Action ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Hughes v. Northwestern University ,
Investment Management ,
Northwestern University ,
Pleading Standards ,
Recordkeeping Requirements ,
SCOTUS
A district court in the Southern District of Ohio and one in the Western District of Wisconsin reached opposite conclusions on motions to dismiss claims for fiduciary breach based on allegations that recordkeeping fees were...more
In Baumeister v. Exelon, No. 21-cv-6505, 2022 U.S. Dist. LEXIS 176711 (N.D. Ill. Sep. 22, 2022) and Coyer v. Univar Sols. USA Inc., No. 22-cv-362, 2022 U.S. Dist. LEXIS 175972 (N.D. Ill. Sep. 28, 2022), two Illinois district...more
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24th that declined to opine on most of the issues that were before the Court in Hughes v. Northwestern University,...more
1/26/2022
/ 401k ,
403(b) Plans ,
Breach of Duty ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Hughes v. Northwestern University ,
Plan Participants ,
Pleading Standards ,
Retirement Plan ,
Tibble v Edison Int ,
Vacated