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Another excessive fee suit involving proprietary funds has settled a little more than a year after the suit was filed. In this one, plaintiffs Jubril Pecou and Ashley Schiefer (who joined the suit later) had filed suit (represented by Nichols Kaster PLLP.) against the Bessemer Trust Company and... READ MORE
You may have missed it, but a mini-financial panic started recently — and it may not be over yet. I’m referring, of course, to the travails of Silicon Valley Bank, or SVB, as it’s been generally referred to. By most accounts, it’s something of an anomaly in banking — catering to tech startups,... READ MORE
An excessive fee suit targeting a $5.9 billion 401(k) plan has been dismissed — with prejudice. Fending off this particular lawsuit was Kroger and the fiduciaries of the Kroger 401(k) Retirement Savings Account Plan — the suit brought by participant Lisa A. Sigetich (a Customer Service... READ MORE
A number of recent excessive fee suits have failed to state a “plausible” claim to move past a motion to dismiss — but a federal judge in Massachusetts embraced what seems to be a lower threshold and is allowing one of those cases to proceed to trial. This suit involved participants in the MITRE... READ MORE
The terms in an excessive fee suit settlement announced last fall have finally been revealed. The plaintiffs here — Douglas G. Bailey, Jason J. Hayes and Marianne Robinson — who are two former and one current participant of the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust — have filed... READ MORE
This last weekend most of America underwent a rather painful change. I’m talking about the legally mandated move to Daylight Saving Time (for most of us). That’s right, at 2 a.m. on March 12, clocks around the nation will “spring ahead” to 3 a.m., reversing course from last fall when the move was... READ MORE
So, if you had a court hearing with the same judge on the same day, ruling on suits involving identical allegations — what result would you expect? Well, if you said the same result — you’d be correct. The suit here was brought by Michael Tullgren, an employee of Booz Allen Hamilton Inc. and a... READ MORE
Plan fiduciaries that had come close to settling a suit that accused them of mismanaging plan assets — twice — have managed to prevail because the plaintiffs waited too long to sue. In this case, participant-plaintiffs Daniel Draney and Lorenzo Ibarra brought suit against the plan fiduciaries of... READ MORE
In recent days — notably at the State of the Union address—Social Security is back in the headlines. Granted, its invocation seems largely intended as a political dividing rod, but it seems today that the vast majority (and despite the veiled insinuations, perhaps the entirety) of Congress and the... READ MORE
Apparently the third time’s a “charm,” at least for one excessive fee case “…after arms-length negotiations, which involved highly experienced lead attorneys who have litigated many similar cases, and neutral mediators.” This time it’s a suit — actually three suits at different times by different... READ MORE
In the course of my day, I talk to (and email with) people, read a lot, and every so often jot down a random thought or insight that gives me pause and makes me think. See what you think. It’s not what you’re doing wrong; it’s what you’re not doing that’s wrong. The best way to stay out of court... READ MORE
There’s nothing like a global pandemic to fuel interest in, if not the need for, emergency savings. Indeed, there are a half dozen provisions[1] in the new SECURE 2.0 designed to make it easier for workers to tap into their retirement savings — two aimed specifically at emergency savings. Though... READ MORE
The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof. The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District... READ MORE
The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof. The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District ... READ MORE
It's time for Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.  I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time... READ MORE
There’s no one silver bullet likely to close the nation’s retirement plan coverage gap — but the target is pretty easy to spot. As it turns out, the nation’s retirement plan access coverage gap is almost exclusively found among small businesses, and it’s not hard to imagine why. The failure rate... READ MORE
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is resoliciting comments on its Voluntary Fiduciary Correction Program (VFCP) for input on changes mandated by the SECURE 2.0 Act of 2022.   Also cited were comments to the proposed amendment to Prohibited Transaction... READ MORE
While an excessive fee suit had alleged the loss of “millions of dollars in excessive fees, costs, and lost investment opportunity,” the parties have settled for a fraction of that. The suit was brought in November 2021 in the U.S. District Court for the Central District of California by former... READ MORE
Will your 401(k) be chipped by the Chiefs — or soar with the Eagles? That’s what adherents of the so-called Super Bowl Indicator[1] would likely conclude, after all. It’s a “theory” that when a team from the old National Football League wins the Super Bowl, the S&P 500 will rise, and when a... READ MORE
The plaintiffs in an excessive fee suit are pressing for consideration of a settlement, arguing that recent decisions against claims similar to theirs don’t bode well for their case. Now, in fairness, that’s not precisely their argument[1]. But these plaintiffs (Reichert et al. v. Juniper Networks... READ MORE

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