Browsing Tag
401(k) Litigation
269 posts
401(k) litigation refers to legal actions brought by plan participants against employers or plan fiduciaries, typically alleging mismanagement of retirement plans. Common claims include excessive fees, poor investment choices, failure to monitor service providers, and breaches of fiduciary duty under ERISA. These lawsuits seek to hold fiduciaries accountable for decisions that may harm participants’ retirement savings. The outcomes can lead to financial settlements, plan reforms, or precedent-setting rulings that impact fiduciary standards.
4 Key Steps Plan Sponsors Can Take to Guard Against 401(k) Lawsuits
2020 turned out to be another landmark year in a growing trend of ERISA class action litigation involving…
Insurer Hits Back at Excessive Fee Litigation Plaintiffs
Euclid Specialty asserts that a surge of excessive fee litigation is the result of opportunistic attorneys, not true discontent among participants.
Voya Settles with SEC for ‘Violating Its Fiduciary Duty’
The Securities and Exchange Commission announced on Monday that Voya Financial Advisors, Inc. (Voya) has agreed to settle…
401(k) ‘Fiduciaries’ Sentenced to Prison for Fraud
Vantage Benefits Administrators co-owners Jeff and Wendy Richie were sentenced to prison last week for their roles in…
Advisor Uses Underwater ‘Sea Scooter’ to Avoid Ponzi Scheme Arrest
A California financial advisor wanted for his role in an alleged $35 million Ponzi scheme went to extreme…
Abbott Defendants Dismissed from 401(k) Cybertheft Lawsuit—For Now
I previously wrote about a lawsuit filed against Abbott Labs and recordkeeper Alight by a participant whose account…
Schlichter Hit for $1.5 Million for ‘Reckless’ Fiduciary Claims
Correction: The allegations against Great West Capital Management were not for an ERISA breach, rather a violation of…
Schlichter Targets Pentegra MEP in Latest Excessive 401k Fee Lawsuit
A lawsuit was filed earlier this week in U.S. District Court in New York City against Pentegra Retirement…
2020 on Track for Fivefold Increase in 401(k) Lawsuits
According to a new analysis from Bloomberg Law, proposed class action lawsuits claiming excessive 401k plan fees are…
401(k) Compliance Executive to Plead Guilty in College Admissions Scandal
Maybe ‘compliance’ doesn’t mean what he thinks. An insurance and private equity executive has agreed to plead guilty…