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Fiduciary Governance
ESG is a broad, sweeping construct, and in its most comprehensive form touches on a wide variety of elements essential to corporate governance, sustainability, and returns. But there are skeptics, if not to the efficacy of the focus, to its impact on portfolios.
While individuals come to this...
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Outlining various priorities of the Department of Labor, Secretary of Labor Marty Walsh called on policymakers and industry stakeholders to work together to expand access to retirement savings plans, particularly for those in underserved communities.
Speaking Dec. 1 before EBRI’s 2022 Retirement...
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A federal magistrate judge has recommended tossing an excessive fee suit against a $4 billion 401(k) plan.
While the recommendation still requires the signoff of a district judge,[1] U.S. Magistrate Judge Stephen C. Dries basically recommended granting Nestle’s — the $4 billion plan in question —...
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We now have an official effective date for the new ESG regulation.
The Department of Labor unveiled its final rule on the consideration of environmental, social and governance (ESG) factors just before the Thanksgiving holiday, and now the regulation has been officially published, establishing the...
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Noting that “Plaintiffs fail to plausibly allege the Committee breached its ERISA-imposed fiduciary duty by charging unreasonable recordkeeping fees” — another excessive fee suit has been dismissed.
The plaintiffs here — Keith K. Kruchten, Angel D. Muratalla and William Begani — sued on behalf of...
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ESG is often thought of in the same framing as socially responsible investing, or SRI. While there are some potential overlaps in focus, ESG is different—and arguably very different.
Environmental, social and governance (ESG)-focused investing has proven to be one of the more controversial — and...
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Litigator Jerry Schlichter has been sued…for a breach of fiduciary duty.
According to a report in the St. Louis Post-Dispatch, Schlichter (and his firm) has been sued by partner Roger Denton—the third name in St. Louis law firm Schlichter, Bogard and Denton—alleging he’s been cheated out of at...
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The U.S. Department of Labor has unveiled its much-anticipated final ESG rule that it says will allow “plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.”...
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Hello ASEA!
I recently had the pleasure of attending the “Oscars of pension plans,” also known as ASPPA Annual. The big winners included Tom Finnegan, who was awarded the prestigious Harry T. Eidson Founders Award and Lynn Young who took home both the Educator’s Award and the Edward E. Burrows...
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The suit, which had alleged that “…many managed account services merely mimic the asset allocations available through a target date fund while charging additional unnecessary fees for their services,” has announced a cash settlement.
The settlement had been announced back in September by the...
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An excessive fee suit involving proprietary funds claims that fiduciary breaches not only undermined participant retirement security but played a role in a recordkeeping acquisition.
The plaintiff suing here[1] is Judy Lalonde, a participant in the MassMutual Thrift Plan. The suit claims that the...
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I had just completed a fiduciary training session for a client’s board in South Bend, IN, when one of the more senior board members pulled me aside to tell me a story. His father had been employed by Studebaker when it went under in 1963 — and took its pension plan with it. As the story goes, and...
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A recordkeeper that has sued the Labor Department based on its comments regarding cryptocurrency in defined contribution plans has told a federal judge it’s fine with dismissing its suit—if the court will hold the agency to its previous statements.
Basically, the ForUsAll plaintiffs—a 401(k)...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
How do you communicate with clients about complex administrative topics? In our Fall cover story, Shannon Edwards and Justin Bonestroo offer some valuable tips in four key areas. In this issue’s feature articles,...
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The parties in another excessive fee suit have come to terms following work with a “respected mediator.”
The plaintiffs here (In re: LinkedIn ERISA Litigation, case number 5:20-cv-05704, in the U.S. District Court for the Northern District of California) are two former and one current participant...
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COVID notwithstanding, the retirement plan industry has seen a record increase in court filings and litigation the past few years — and a recent session at the ASPPA Annual National Conference explored those issues and the underlying causes.
The session — led by Kizzy Gaul, Esq, ERISA Attorney at...
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The 2022 ASPPA Annual Conference was just held at National Harbor, MD near our Nation’s Capital. As always, it was an ideal opportunity to learn, establish new connections and reconnect, hear important updates about the organization and crucial developments affecting it, gain tools by which to...
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The parties in another excessive fee suit have come to terms six months after getting the green light to go to trial.
In the U.S. District Court for the Eastern District of Wisconsin the parties noted that on Sept. 13, 2022, they “…mediated before private mediator Bob Meyer of JAMS, and reached a...
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“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms — in less than a year.
The parties here — plaintiffs Trudy Clark, Donna...
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“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms—in less than a year.
The parties here—plaintiffs Trudy Clark, Donna...
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