Nevin E. Adams

L Brands, parent company of Bath & Body Works has come to terms with the plaintiffs in a 401(k) excessive fee suit.  The suit—which had been filed in late 2020 by Shepherd, Finkelman, Miller & Shah LLP and Goldenberg Schneider LPA on behalf of participants in the $1.5 billion plan—had... READ MORE

By some accounts, I recently spent a week in “retirement” — driving around sightseeing, reading some good books, hanging out with family, and yes — even walking on a beach. And I have to tell you — if that was retirement, I don’t know how I’m going to afford it. Now, I realize that isn’t the... READ MORE

In a case that has lumbered around since a 2017 embezzlement by Vantage Benefits Administrators, a custodian has finally been able to clear its name. The action followed an Oct. 31, 2017 raid by the Federal Bureau of Investigation on the offices of Vantage Benefits Administrators “amid concerns... READ MORE

A $5.1 million settlement of a suit involving excessive fee allegations regarding a $15 billion plan with a settlement structure has been approved by the court. The History Back in June 2020, the $15 billion Costco 401(k) plan was sued in the U.S. District Court for the Eastern District of... READ MORE

As new rules about rollover disclosures kick in, a new report highlights an often unacknowledged risk of rollovers—high(er) fees. That’s right—a new report from Pew Trusts seems to have stirred up a new awareness of that issue—all this attention just as PTE 2020-02 brings the written requirement... READ MORE

After nearly a year of negotiations (though that’s a pretty short turnaound by some measures), the parties in an excessive fee suit have asked for the court’s approval on a settlement agreement struck by the parties. The plan in question—more specifically the plan fiduciaries—involved are those of... READ MORE

So, how many 401(k) accounts do you have? At the moment, I have four—one from each of the employers in my career (including this one), all except the first one (that one went for law school and a house downpayment). Apparently I’m not alone. A recent survey of Plan Sponsor Council of America... READ MORE

A federal appellate court has backed the dismissal of an excessive fee suit, rejecting the notion that offering actively managed funds—even those with disappointing performance—by itself doesn’t support allegations of a fiduciary breach. Interestingly enough, it’s the first such appellate court... READ MORE

There’s a battle brewing in Battle Creek about excessive recordkeeping and managed account fees. Bradley H. Fleming, a former accountant at Kellogg’s, has sued his former employer, the Kellogg Co., its board of directors, its ERIA finance committee and its ERISA administrative committee claiming... READ MORE