Chavez v. Plan Benefit Services, Inc., 108 F.4th 297 (5th Cir. 2024), began when three employees of a single employer sued the service providers of their health and welfare benefit plan for allegedly charging excessive fees...more
10/31/2024
/ Article III ,
Benefit Plan Sponsors ,
Breach of Duty ,
Duty of Loyalty ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Federal Rules of Civil Procedure ,
Fiduciary Duty ,
Petition for Writ of Certiorari ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Split of Authority ,
Standing
Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, courts around the country continue to articulate the pleading requirements for a breach of duty of prudence claim under the Employee Retirement...more
9/23/2022
/ 401k ,
Benefit Plan Sponsors ,
Class Action ,
Colleges ,
Defined Benefit Plans ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fees ,
Hughes v. Northwestern University ,
Management Fees ,
Plan Participants ,
Putative Class Actions ,
Retirement Plan ,
Retirement Plan Providers ,
Transaction Fees ,
Universities
Since late July, at least 10 lawsuits have been filed against large 401(k) plan sponsors that offer certain BlackRock Inc. target-date funds (TDF) among their investment options. In an unexpected pivot away from the 401(k)...more
9/1/2022
/ 401k ,
Benefit Plan Sponsors ,
BlackRock ,
Class Action ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Excessive Fees ,
Fiduciary Duty ,
Index Funds ,
Mutual Funds ,
Retirement Plan ,
Target Date Funds
In Hughes v. Northwestern University, current and former participants in Northwestern University's defined-contribution retirement plans filed litigation on behalf of the plans' participants asserting that the University, its...more
2/25/2022
/ 401k ,
Benefit Plan Sponsors ,
Class Action ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fees ,
Fiduciary Duty ,
Hughes v. Northwestern University ,
Plan Participants ,
Retirement Plan ,
Retirement Plan Providers ,
SCOTUS
The U.S. District Court for the Northern District of Illinois has dismissed a putative class action lawsuit brought under the Employee Retirement Income Security Act of 1974 (ERISA) by a participant of 401(k) plan against the...more