Newsmakers
Court Refuses to Dismiss Central States Pension Lawsuit
District of Northern Illinois judge finds employer liable for withdrawing from pension obligations during collective bargaining agreement transition.
Tag: Employee Retirement Income Security Act
Newsmakers
Janus Henderson Sued for Allegedly Favoring Its Own Funds in 401(k) Plan
Class action lawsuit claims firm loaded its retirement plan with high-fee, underperforming proprietary funds.
Newsmakers
Bill Seeks to Protect Retirement Savings From ‘Woke CEOs’
The proposed Securing Employee Retirement Returns Act aims to codify Trump-era anti-ESG rules.
Regulation
Baltimore Firm Ordered to Restore Missing 401(k) Funds
Following a Labor Department probe, Bicallis LLC must pay more than $150,000 to its retirement plan and has been replaced as fiduciary.
Newsmakers
Milliman Faces ERISA Lawsuit Over Alleged Breach of Fiduciary Duty
The plaintiffs claim the firm’s 401(k) lost as much as $85 million due to imprudent investment decisions.
Regulation
Supreme Court Declines to Hear Delphi Pension Termination Case
The lack of action by the high court ends more than 12 years of litigation after the General Motors unit’s pension plan was terminated.
Newsmakers
DOL Restores More Than $2.4 Billion to Plans, Plan Participants
Investigations led to over 16,000 defined benefit plan participants collecting more than $1.5 billion in owed benefits in fiscal 2021.
Pensions
No Plan Safe From ERISA Lawsuits, Chamber of Commerce Warns
The lobbying group also says a surge in litigation could have ‘significant negative consequences for plan participants.’
Regulation
Supreme Court to Hear ERISA Excessive Fee Case
The lawsuit seeks to define what ‘care, skill, prudence, and diligence’ really mean for fiduciaries.
Risk
State Street Accused of Self-Dealing With 401(k) Plan
Lawsuit alleges firm breached its fiduciary duties by providing underperforming proprietary funds.
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.
Risk
BlackRock Agrees to Settle ERISA Lawsuit
Asset management giant ends class action litigation by paying plan participants $9.65 million.