The continued viability of the “Moench Presumption” may or may not be decided by the United States Supreme Court. As explained below, we are now in a waiting game to learn whether the court will vote to hear an appeal of a case where the Moench Presumption was not adopted. Since 1995, ERISA plan sponsors … Continue reading Supreme Court Waiting Game Begins After DOL Submits Stock Drop Amicus Brief
Today, November 5, 2013, in employees of Massachusetts Mutual Life Insurance Company (“MassMutual”) filed an ERISA class action lawsuit against their employer alleging self-dealing and excessive fees. The Complaint in Gordon v. MassMutual, et al. was filed in the District of Massachusetts by six current and one former participant in the MassMutual Thrift Plan. The MassMutual Thrift Plan has … Continue reading Breaking: New Excessive Fee Case Filed By MassMutual Employees
In the final post in our series entitled “Are These Fees Unreasonable?” we address Recordkeeping Fees. (For the two previous posts, see Are These Fees Unreasonable? – Part 1 of 3 – Inv. Advisory Services and Are These Fees Unreasonable? – Part 2 of 3 – Inv. Management Fees) To recap, FRA PlanTools offers a Benchmarking Report through … Continue reading Are These Fees Unreasonable? – Part 3 of 3 – Recordkeeping Fees
Today, October 1, 2013, the parties in Beesley v. International Paper filed papers indicating they have settled their lawsuit and are now seeking approval of the district court. In total, International Paper (“IP”) agreed to pay $30 million and submit to extensive affirmative relief. Here is a copy of the motion seeking settlement. The settlement … Continue reading Breaking: International Paper Settles Excessive Fee Case for $30 Mil.
In light of the recent 7th Circuit decision in Abbott v. Lockheed Martin Corporation, the district court in Spano v. Boeing Company has granted the Plaintiffs’ amended motion for class certification. Spano is one of the original excessive fee cases filed in 2006. (Read about the Abbott decision here: Victory for Plaintiffs: 7th Circuit Allows … Continue reading Breaking: Class Cert Granted in Spano v. Boeing Co.