“Plaintiffs have alleged facts to support an inference of imprudence, as they have alleged well-pled facts regarding performance of the chosen funds in comparison to the less-expensive funds, and superior performance of the less expensive choice. These facts, assumed true, support the inference that Defendants breached their fiduciary duty in selecting the higher-cost funds.”
Nationwide Class Action Law Firm
Employee Benefits & ERISA
ERISA Terms All Employees Should Understand
ERISA is a complicated statute that contains extensive retirement-related legalese that most people find difficult to comprehend. This makes it hard to know if your rights under ERISA have been violated. Learning some of these terms can help.
What are the most common COBRA violations?
Employers have numerous responsibilities under COBRA, including tracking employee notices and deadlines. All too often, employers fail to comply with these requirements. According to ERISA, an employer or plan administrator can be penalized for up to $110 for each day that the violation continues. If you believe that your current or former employer violated your rights under COBRA, you should consult with a lawyer about bringing a lawsuit.
How would SECURE 2.0 increase retirement savings?
Congress is currently considering a new version of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The new version, the Securing a Strong Retirement Act of 2022 (known as SECURE 2.0), is intended to help more Americans take advantage of...
Washington University in St. Louis Agrees to Settle ERISA Class Action for $7.5 Million
The insurance carrier for the Defendants will pay a total of $7,500,000 to settle claims that the Defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in managing the Plan and ensuring its fees and expenses remain reasonable.
401(k) fiduciary duties and responsibilities under ERISA laws
Do you know what responsibilities and duties your 401(k) plan fiduciaries must meet when managing Employee Retirement Income Security Act (ERISA) covered benefit plans? If you do not, you may be at risk of plan mismanagement. Most employees trust that their company...
Michigan company violated fiduciary duty for 401(k) contributions
One of the key responsibilities that employers have to their employees under the Employee Retirement Income Security Act (ERISA) is their fiduciary duty to look after their retirement plan contributions. According to the U.S. Department of Labor (DOL), which is...
What were the top 5 ERISA lawsuits of 2021?
Planning for retirement is something everyone should do to ensure peace of mind. Yet, sometimes those plans fail to work out for reasons beyond your control. If those in charge of your ERISA-protected retirement plan do not do the job they are paid for, you may suffer...
Supreme Court Hands ERISA Plaintiffs Victory In Hughes vs. Northwestern University
An ERISA fiduciary’s duty does not end when the fiduciary selects plan investments at the outset. Rather, “‘a fiduciary normally has a continuing duty of some kind to monitor investments and remove imprudent ones.’”
Edelson Lechtzin LLP files an ERISA excessive fee class action against Marathon Petroleum Company
As of year-end 2020, the Plan had net assets of more than $6 billion. This gave the Plan had substantial bargaining power regarding the fees and expenses that were charged against participants’ investments. The Plan’s fiduciaries failed to use this bargaining power to the Plan’s advantage. Instead, Plan participants were saddled with above-market recordkeeping and administrative fees.