In an article published this morning on napa-net.org by Brian Graff, CEO/Executive Director of ASPPA and NAPA, the retirement industry has learned that a Yale law professor is sending out letters to plan sponsors claiming that he has identified their sponsored retirement plan as a “potential high-cost plan.” In response, a plan sponsor is supposed to … Continue reading Seriously? Yale Law Professor Sends Letters to Plan Sponsors Alleging Potential Fiduciary Breach
Today, June 21, 2013, the parties in Nolte v. Cigna Corp. filed papers indicating they have settled their lawsuit and are now seeking approval of the district court. Key defendants in the case are Cigna Corp. and Prudential Retirement Insurance And Annuity Company (PRIAC). In total, they have agreed to pay to plaintiffs $35 million and … Continue reading Breaking – Cigna and Prudential Settle Excessive Fee Lawsuit for $35 Million
Today, June 3, 2013, Fidelity filed a motion to dismiss the complaint in Bilewicz v. FMR, LLC. As previous readers will know, a former participant in the Fidelity in-house 401(k) profit sharing plan filed a lawsuit on March 19, 2013 alleging various violations of ERISA because Fidelity only uses its own proprietary products in the … Continue reading Fidelity Files a Motion to Dismiss the Lawsuit Regarding Its Own In-House Plan
A little reported decision out of the Central District of California, Santomenno v. Transamerica Life Ins. Co., No. 12-2782, has the opportunity to cause great heart burn (or worse) to insurance company platforms for retirement plans. A plan participant from two different retirement plans filed a class action lawsuit against Transamerica Life Ins. Co. (“TLIC”) … Continue reading Decision Against Transamerica Criticizes Fiduciary Warranties (and Pretty Much Everything Else) – UPDATED
Case Highlights Status of the Case: Plaintiff Healthcare Strategies, Inc. as the plan administrator to two 401(k) plans brought this action on behalf of itself and other similarly situated plans against ING Life Insurance and Annuity Company (“ILIAC”), alleging that revenue sharing payments received by ILIAC constitute prohibited transactions and violations of fiduciary duties under … Continue reading Healthcare Strategies v. ING Life Insurance and Annuity Co.