This case has been dismissed based on the plaintiff’s failure to exhaust the administrative remedy process prior to filing suit. The alleged fiduciary infractions involved the plan’s higher cost actively managed mutual funds and retail share classes in lieu of available lower cost institutional share classes as well as the excessive fees charged by the plans’ recordkeeper, Prudential. The judge’s ruling determined the plaintiff’s read of the plans as incomplete, in which a claim is defined as ‘“any grievance, complaint or claim concerning any aspect of the operation or administration of the plan or trust, including but not limited to claims for benefits and complaints concerning the investments of plan assets”’. In this case, the judge ruled that the plaintiff completely dismissed the administrative process as defined in the plan, and as such, dismissed the case.
www. planadviser.com; December 8, 2020.
www.pandionline.com; December 10, 2020.