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Nevin E. Adams

Snap, Crackle — and now, Pop! Another multi-billion 401(k) plan has won its case against allegations of excessive fees. The victor this time—winning dismissal of a proposed class action with prejudice[1] — was Kellogg’s, and the fiduciaries of its $1.9 billion 401(k) plan. The suit had been filed... READ MORE
I recently met some friends for lunch – but the only seats available were those high-back stools you basically have to climb up to in order to sit. But that wasn’t the worst of it. As it turned out, my seat…wobbled. Which is to say that it basically rocked even as I sat there. Now, I’m all about... READ MORE
Recently, the nation’s longest-running gauge of the nation’s retirement confidence painted a bleak, but understandable read on that measure. Indeed, in the midst of a volatile (though recently recovering market) and (still) stubborn inflationary impacts[1] (not to mention the near certainty that,... READ MORE
I recently stumbled across an academic study that claimed to find a correlation between higher employer contribution rates and leakage. I will confess to a certain skepticism at that finding. There are, after all, a well-established series of things that contribute to leakage, broadly defined as... READ MORE
The fiduciaries of the 99 Cents Only Stores have come to terms in an excessive fee suit involving their 401(k) plan – and for considerably more than…99 cents. That said, the relatively quick (the suit was filed only about a year ago on March 25, 2022) settlement was, by the standards of such... READ MORE
I’ve been honored with a lot of praise and congratulations over the past couple of months about my “retirement” (and not a little skepticism about my understanding of the term) — but in quiet moments, there’s been one question that keeps coming up. That question — and it generally arises once... READ MORE
Terms of a proprietary fund suit settlement with Mutual of America have been revealed. The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds.” Represented in the action by Nichols Kaster PLLP, the participant/plaintiffs had claimed... READ MORE
“Following several years of thorough and active litigation…including numerous dispositive and procedural motions, full discovery, and preparation for a twelve-day jury trial originally scheduled for April 2023,” the parties in an excessive fee suit have come to terms. Here participant-plaintiffs... READ MORE
The man who was instrumental in encouraging behavioral finance-focused default structures in 401(k)s now cautions that those defaults need to be “smart.” Speaking at the NAPA 401(k) Summit, professor Shlomo Benartzi — who, along with Richard Thaler authored and advocated the Save More Tomorrow... READ MORE
The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds” — but have now come to terms. Back in September of 2022, participant-plaintiffs Eric Goldstein, Matt Sudol, and Bonnie Zelazek, individually and as representatives of a class of... READ MORE
Another Midwestern federal court has found that the plaintiffs in a 401(k) excessive fee suit have failed to make their case. This suit had been brought by participant-plaintiffs Ruth Williams, Tovah Allen, Carolyn Ross, Alicia Bates, and Tracy Young against Centene Corporation, the Board of... READ MORE
Eli Lilly has withdrawn its motion for attorney fees and costs — a move that says a lot about the cost of litigation in both time and money. You may recall that the defendants in this case are the fiduciaries of the $8.2 billion Eli Lilly plan (as well as the company itself, and the employee... READ MORE
Another excessive fee suit with participant-plaintiffs represented by two active ERISA litigants — has been dismissed on a number of grounds. The defendants in this case — DISH Network Corporation, the board of directors of that firm, and the retirement plan fiduciaries of the $841 million DISH... READ MORE
A federal judge has denied the Labor Department’s motion to move a suit involving the so-called ESG regulation from a federal court in Texas to Washington, DC. U.S. District Judge Matthew J. Kacsmaryk denied the Department of Labor’s (DOL) motion (State of Utah et al. v. Walsh et al., case number... READ MORE
Claiming that the suit by 25 state attorneys general “rests on a false premise,” the Labor Department is pushing back on a motion to forestall implementation of the so-called ESG regulation. More specifically, the “Defendants’ Opposition to Plaintiff’s Motion for Preliminary Injunction” says that... READ MORE
Live Nation finds itself in the crosshairs of litigation — and it has nothing to do with Taylor Swift tickets. As it turns out, Live Nation Entertainment Inc. (which merged with TicketMaster in 2010), currently embroiled in controversy about access to tickets for mega star Taylor Swift, now also... READ MORE
Fans of Virginia, Arizona and Purdue, take heart (not to mention Stanford and Indiana in the women’s NCAA).  My college team didn’t make the NCAA tournament this year. Not that that’s unusual. They (DePaul University) haven’t been “there” since 2004. And in all honestly, it’s been a long time... READ MORE
Commenting that “the Florida court’s analysis is rooted in a fundamental legal error,” the Department of Labor says it may appeal a ruling that upended its guidance pertaining to fiduciary duty regarding rollovers. Last month, the United States District Court’s Middle District of Florida sided... READ MORE
Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security. While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (... READ MORE
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