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Nevin E. Adams

Another suit filed against flexPATH by the law firm of Schlichter Bogard, LLP has been dismissed—with prejudice—though it seems to have turned more on good outcomes than prudent processes. This suit (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) was filed by... READ MORE
An interesting—and somewhat counterintuitive—report came out last week, one that cast doubt on the “common wisdom” regarding Roth versus traditional pre-tax savings. The assumption underlying the research[1] was that those who had not yet paid taxes on their savings (the traditional pre-tax... READ MORE
March is coming in like a lion with a new “genre” of ERISA litigation. While it’s early yet, two—and now three—recent suits—filed by different law firms in different federal district courts—might be the first of a new wave of litigation. All focus on decisions to mitigate corporate risk exposure... READ MORE
Amid St. Patrick’s Day celebrations, I’m reminded of a trip my younger brother and I made with my grandparents to the Great Smoky Mountains.  Now, my grandparents had made many trips to that area, but it was a new experience for me and my brother. To this day I remember a hotel that had a pool... READ MORE
I’m not sure how old I was when I first saw “Night of the Living Dead”—but I have long been intrigued by stories of a zombie apocalypse—where mindless beings inexplicably rise from the dead, with no memory of their past, just a relentless (and apparently insatiable) hunger for…well, “us.” That is... READ MORE
The ink was barely dry on the denial of a motion to dismiss the suit, when American Airlines filed a motion of summary judgment, claiming that “there is no genuine issue as to any material fact and the [movant] is entitled to judgment as a matter of law.” Where We’ve Been Participant-plaintiff (... READ MORE
Recently, we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so. The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of... READ MORE
A big plan has struck a big cash settlement in an excessive fee suit involving the use of proprietary investment products in its 401(k) plan. The suit was brought by a number of plaintiff-participants relating to the management of the New York Life Insurance Company Employee Progress-Sharing... READ MORE
Looks like an American Airlines participant-plaintiff who argued that plan fiduciaries didn’t act in participants’ best interests in including funds managed by firms that allegedly favored ESG interests will get his day in court. Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the... READ MORE
The Department of Labor (DOL) has gone to court to protect retirement plan assets in a case of alleged embezzlement by a TPA. The DOL says that an emergency temporary restraining order (TRO) has been issued by the U.S. District Court for the Western District of Pennsylvania against RiversEdge... READ MORE
The solution to the coverage gap lies through small business—but only about a third have been approached in the past year about offering one, according to a new survey. That’s not exactly a new revelation—any number of surveys and government data throughout the years indicates that the vast... READ MORE
The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary approval a proposed settlement.” That settlement includes a cash payment of $4,000,000.00 (four million... READ MORE
How well do you (think you) know your significant other? The passage of time—shared experiences and the process of getting to know each other reveals much—and yet I learned something new about my partner of some four decades just last week! That brought to mind one of the favorite game shows of... READ MORE
Recently, an article in an industry publication led with the title “401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says.” In what I am sure generated a fair number of “clicks” that turned out to be the pronouncement of none other than Professor Teresa Ghilarducci,... READ MORE
Following the assessment of an independent fiduciary that the settlement terms were reasonable, the parties in a 401(k) excessive fee suit have moved for approval by a federal judge. The suit was filed back on Aug. 11, 2021—with plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (... READ MORE
A new report offers a new level of transparency on recordkeeping fees paid by the large plan targets of excessive fee suits—and calls out a number of misleading claims and benchmarks used by the plaintiffs’ bar in bringing those suits. According to the announcement from Encore Fiduciary, formerly... READ MORE
Two headlines caught my eye recently—provocative “what if”-type questions. I’m talking about “Will Retirement Income Solutions Finally Break Through in 2024?” and “Will Managed Accounts (Finally) Take Hold as QDIAs?” Both, of course, included the word “finally” in the title(s)—no doubt because the... READ MORE
A federal judge stands ready to approve an excessive fee settlement proposal—but not the requested attorney fees. The settlement was struck between participant-plaintiffs Brian Reichert and Derek Deviny and Juniper Networks, Inc.—the terms announced roughly a year ago. The suit in question had... READ MORE
Noting that “at some point, there must be some endpoint to this time-consuming and expensive cycle of litigation,” a federal judge has dismissed a 401(k) excessive fee suit. That “expensive cycle” dates back to October 2020 when a suit (Guyes et al. v. Nestle USA Inc. et al.) was brought in the U.... READ MORE
Despite long being called the “third rail” of American politics, Social Security—or more precisely its viability—has reemerged as an issue in the 2024 presidential campaign. It came up most recently in a mini-GOP debate between former U.N. ambassador/South Carolina governor Nikki Haley and Florida... READ MORE

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