SunTrust Agrees to Settle Stock Drop Suit for $4.75 Million
The bank also agreed to continue funding matching contributions to its 401(k) plan in the form of cash or cash equivalents for a period of time.
Tag: ERISA
DOL Fiduciary Rule Gets Another Successful Defense in Appeals Court
The appellee, Market Synergy Group, argued unsuccessfully that its representatives would never be able to make the Best Interest Contract Exemption, a key mechanism underlying the new DOL...
Wells Fargo Advisors SEC Filing Hints at Federal Fiduciary Investigation
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly...
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule...
A Passionate Defense of ESG Investing from Connecticut Treasurer
While the investing rules controlling the Connecticut public pension fund are different from those governing corporate retirement plans, the argumentation as to why gun manufacturer divestment may be...
Plaintiffs Won the Balance of ERISA Class Certification Motions in 2017
The number of Employee Retirement Income Security Act lawsuits winning class certification in 2017 far outstripped the number of suits within which class action status was denied; attorneys...
Northrop Grumman Gets Some Claims Dropped in Excessive Fee Suit
Northrop was found not to be a fiduciary with respect to certain acts alleged against it; however, it did not escape the failure to monitor fiduciaries complaint.
Court Finds ERISA Does Not Preempt Illinois Slayer Statute
The 7th U.S. Circuit Court of Appeals quoted a Supreme Court decision which said “the principle underlying the statutes—which have been adopted by nearly every State—is well established...
P-Solve Report Questions Some Common TDF Manager Practices
“While appropriate for some participants, heavy reliance on equities is almost certainly not suitable for as many 401(k) participants as the allocation of the largest TDF managers suggests,”...
Class Certified in ERISA Lawsuit Targeting NYU Retirement Plan
The sizable ERISA suit’s third amended compliant explicitly names as a defendant one of the advisory firms supporting NYU’s retirement plans.
Providers Agree to Pay Back Retirement Plans That Invested in Fraudulent Loans
The DOL has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42...
RadioShack Stop Drop Suit Dismissed
Relying on standards set forth by the Supreme Court in Fifth Third Bank v. Dudenhoeffer, an appellate court affirmed a district court’s dismissal of the case.
Compliance News
Legislative and Judicial Actions
Rutledge Takes EBSA HelmThe Department of Labor (DOL) has appointed Preston Rutledge head of its Employee Benefits Security Administration (EBSA)....
2018 Plan Sponsor of the Year Finalists
The Plan Sponsor of the Year annual award program recognizes retirement plan sponsors that show a commitment to their participants’...
EBSA Restores $1.1B to Benefit Plans, Participants and Beneficiaries
Nearly $700 million was in recoveries from enforcement actions.
Mutual of Omaha Faces Self-Dealing Suit
The complaint calls out the use of United of Omaha-branded mutual funds and target-date funds, as well as a guaranteed fund managed by United of Omaha.
Supreme Court Asked If Two Complaints Can Be Filed Regarding Claim for Benefits
In the case, the high court is asked whether an Employee Retirement Income Security Act (ERISA) claimant is barred from alleging a claim for breach of fiduciary duty...