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Litigation Developments

A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.

Juniper Networks Managed Account Case

Among other alleged infractions in this case, the plaintiffs claim unreasonably expensive managed account fees offered through the managed account provider Strategic Advisors, Inc. (a subsidiary of the Plan’s recordkeeper, Fidelity Investments,) for the Juniper Networks $1.4 billion 401(k) Plan. At 0.65% annually, managed account fees are cited as unreasonable in light of the Plan’s […]

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Xerox Excessive Fee Suit

Former and current participants in the Xerox 401(k) Savings Plan are alleging excessive administrative fees charged by wholly owned subsidiary Xerox HR Benefit Services, the Plan’s former in-house recordkeeper. Xerox HR Benefit Services served as the Plan’s recordkeeper until Xerox’s recordkeeping business was spun off to Conduent HR Services, the Xerox Plan recordkeeper thereafter. Plaintiffs […]

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TIAA Rollover Complaint

Months after the Securities and Exchange Commission (SEC) and the New York attorney general alleged Teachers Insurance and Annuity Association of America (TIAA) and TIAA-CREF Individual and Institutional Services LLC advisers inappropriately pressured customers to transition their investments from their employer-sponsored retirement plans to expensive individually managed TIAA accounts, a similar compliant has been filed […]

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