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
Much has been written about whether target date funds (“TDFs”) will be the next focus of ERISA litigation. For example, this article suggests that TDFs are potentially risky because (1) they may provide “advice” to participants, (2) the underlying investments may violate a plan’s investment policy statement, and (3) the glide path, or debt to … Continue reading Are target date funds really the next focus of ERISA litigation?
Fidelity Investments has been targeted…again. First, Fidelity, and its related entities, were named as defendants in three sister cases regarding Fidelity’s handling of float in the defined contribution plans they administer. See Kelley v. Fidelity Management and Trust Co.; Boudreau v. Fidelity Management and Trust Co.; and Columbia Air Services, Inc. v. Fidelity Management and Trust Co. … Continue reading Fidelity is Targeted Again and This Time Regarding Its Own In House Plan
For the ERISA fiduciary, there are three primary sources that inform the duties that must be followed: (1) the ERISA statute as passed and amended by Congress and the President (2) regulations and other guidance as written by the Department of Labor, and (3) the written decisions of federal judges. FRA/PlanTools is proud to announce the … Continue reading The ERISA Litigation Index