News & Analysis as of

Benefit Plan Sponsors Breach of Duty

Ary Rosenbaum

Is University 403(b) plans the Dien Ben Phu of ERISA litigation?

by Ary Rosenbaum on

Casino is an underrated movie and it had a great line on the poster that said: “no one stays on top forever.” It’s a great tagline and I find it to be true. Just look at the New York Yankees between 1965 and 1976. Dien Ben...more

Ary Rosenbaum

Is that 401(k) lawsuit streak going to end?

by Ary Rosenbaum on

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

Ary Rosenbaum

They went into business for themselves

by Ary Rosenbaum on

So often when dealing with retirement plan providers, a plan sponsor may discover that one of their plan providers had a change of plans and decided to do what’s better for themselves than what was in the client’s interest....more

Verrill Dana LLP

Stronger Than its Weakest Links: NYU Survives 403(b) Fee Lawsuit

by Verrill Dana LLP on

The first breach of fiduciary duty claim to survive to trial alleged that the NYU Retirement Plan Committee failed to consolidate recordkeeping services, failed to property manage the RFP process, failed to allow potential...more

Bradley Arant Boult Cummings LLP

Ninth Circuit Affirms Denial of Motion to Compel Arbitration of ERISA Action

In Munro v. Univ. of S. Cal., the Ninth Circuit recently affirmed the district court’s denial of a motion to compel arbitration of an ERISA action brought by current and former employees of the University of Southern...more

Proskauer - Employee Benefits & Executive...

Record-Keeper Defeats Second Round of Robo-Adviser Fee Litigation

As we reported, record-keepers for large 401(k) plans have thus far been successful in defending ERISA fiduciary-breach litigation over investment advice powered by Financial Engines. These lawsuits generally claim that fees...more

Proskauer Rose LLP

ERISA Newsletter - First Quarter 2018

by Proskauer Rose LLP on

Despite the change in seasons, there appears to be no change in the pace of complex and class action ERISA litigation. Investments in defined contribution plans—both 401(k) and 403(b) plans—continue to be the leading target...more

Ary Rosenbaum

Find those “missing” plan participants

by Ary Rosenbaum on

Missing plan participants are usually only an issue when a retirement plan decides to terminate and wants to avoid dragging out the process and having to file another Form 5500....more

Ary Rosenbaum

Plan Providers and Plan Sponsors Can Still Lose By Winning

by Ary Rosenbaum on

The news comes trickling in for 401(k) plan providers and plan sponsors beating back class action lawsuits. Many plan providers win their case as defendants because the plan participants fail to convince a judge that the...more

Proskauer - Employee Benefits & Executive...

Exhaustion of Plan Administrative Remedies: Important Considerations Following Hitchcock v. Cumberland

Recently, the Sixth Circuit ruled in Hitchcock v. Cumberland University 403(b) Plan that pension plan participants are not required to exhaust their plan’s administrative remedies before pursuing claims alleging statutory...more

Ary Rosenbaum

Getting into trouble with the DOL and the IRS maybe just bad luck

by Ary Rosenbaum on

As an ERISA attorney for almost 19 years, I have seen a lot of strange things that plan sponsors have done to risk the ire of the Internal Revenue Service (IRS) and the Department of Labor (DOL)...more

Ary Rosenbaum

Don’t gyp employees on retirement plans

by Ary Rosenbaum on

As I’ve stated before, I wouldn’t hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an employer who thought...more

Proskauer - Employee Benefits & Executive...

District Court Dismisses Allegations That Stable Value Fund is Too Conservative

A district court in Rhode Island dismissed claims by participants in the CVS Employee Stock Ownership Plan that plan fiduciaries imprudently invested plan assets in the plan’s stable value fund...more

Proskauer Rose LLP

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

Ary Rosenbaum

The Rosenbaum Law Firm Review - January 2017

by Ary Rosenbaum on

Concepts You May Not Be Aware Of As A 401(k) Plan Sponsor. Quite a few things out there. As a child, I was never taught the birds and the bees. I was actually handed some cartoon book from my parents when I was...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - January 2017

by Proskauer Rose LLP on

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

K&L Gates LLP

401(k) Plan Sponsor ERISA Fiduciary Litigation Update: Sequoia Fund Litigation

by K&L Gates LLP on

While much of the 401(k) fiduciary litigation in recent years has focused on investment and recordkeeping expenses, a large number of claims filed against 401(k) fiduciaries have alleged that fiduciaries simply made a bad...more

McDermott Will & Emery

Top US Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors

by McDermott Will & Emery on

The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more

Proskauer - Employee Benefits & Executive...

Fidelity Prevails In ERISA Float Litigation

The First Circuit joined the Eighth Circuit in finding that Fidelity’s practice of earning overnight “float” interest on the cash paid out to 401(k) participants redeeming shares in mutual funds did not violate ERISA’s duty...more

Ary Rosenbaum

Big Fish and Service Provider Lawsuits

by Ary Rosenbaum on

It seems like every week, there is another major lawsuit against a plan sponsor and one of their service providers. Allegations of impropriety are just allegations until decided by a trier of fact of whether they are...more

Bryan Cave Leighton Paisner

Exceptional Plan Governance: Beat Back the Coming Litigation Onslaught

It was bound to happen. For several years, the plaintiffs’ bar has sued fiduciaries of large 401(k) plans asserting breach of their duties under ERISA by failing to exercise requisite prudence in permitting excessive...more

McDermott Will & Emery

401(k) Plan Sponsors and Fiduciaries Face an Alarming Number of Stable Value Fund and Other Class Action Lawsuits

by McDermott Will & Emery on

In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - March 2016

by Proskauer Rose LLP on

Editor’s Overview - This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more

McCarter & English, LLP

Pension Plan Sponsors Beware: The Department of Labor Is Investigating Plans That Fail to Locate and Pay Benefits to Terminated...

by McCarter & English, LLP on

A Department of Labor (“DOL”) official recently disclosed a new DOL investigation initiative focusing on the adequacy of defined benefit plan procedures to locate and pay out benefits to terminated vested participants. The...more

Ary Rosenbaum

A 401(k) with Vanguard funds is sued, read beyond the headline

by Ary Rosenbaum on

Headlines are great, but you need to read the entire article to get the full picture. There is a new class-action lawsuit that is pitting participants in the Anthem Inc. 401(k) plan, with more than $5 billion in assets,...more

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