Case Highlights Status of the Case: This is one of the original excessive fee cases filed by Schlichter Bogard & Denton on September 11, 2006. The allegations in the case are: (1) defendants caused the Plan to pay unreasonable administrative fees to its recordkeeper CitiStreet; (2) defendants imprudently included, among the Plan’s 11 investment options, … Continue reading Spano v. Boeing Company
The case filed by a participant in the Fidelity in-house 401(k) plan, Bilewicz v. FMR LLC, heated up today with the filing of a proposed First Amended Complaint. We previously discussed this case in the posts Fidelity Files a Motion to Dismiss the Lawsuit Regarding Its Own In-House Plan (June 3, 2013), Are target date funds really the … Continue reading Case Against Fidelity Regarding In-house Plan Heats Up
The roller coaster of who is and isn’t a fiduciary under ERISA section 3(21)(A) continues its seemingly out of control ride. Today, August 9, 2013, a district court in Connecticut ruled ING Life Ins. and Annuity Co. (“ILIAC”) a fiduciary related to its revenue sharing practices and scheduled a four week trial to begin anytime … Continue reading The Roller Coaster Continues: Court Finds ING a Fiduciary Over Revenue Sharing Practices. Schedules Trial for September.
As we previously wrote about, the Plaintiffs in Tibble v. Edison Int’l filed a Petition for Rehearing to both the three judge panel and all active 9th Circuit judges at large. Today, August 1, the three judge panel amended their opinion and explicitly rejected any further attempts by the Plaintiffs to seek redress in the 9th Circuit. … Continue reading Breaking: 9th Circuit Amends Tibble v Edison Opinion on Rehearing
The Department of Labor’s new Advisory Opinion 2013-03A confirms that revenue sharing deposited into an account held in a trust on behalf of a plan is a plan asset. This validation supports standard operating procedures embraced by most in the industry. However, many questions remain unanswered, leaving plan sponsors and service providers with limited visibility. … Continue reading New Revenue Sharing Advisory Opinion = More Mud in Already Muddy Waters