A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
CHS/Community Health Systems Target Date Funds Lawsuit
Participants in the CHS/Community Health Systems, Inc. Retirement Savings Plan allege that the retirement plan committee, Principal Life Insurance Company and associated Principal entities breached fiduciary duties of loyalty and prudence with regard to management of the Plan and its investments. At issue in this case are index funds offered within the plan as stand-alone […]Read More
SunTrust Self-Dealing Judgment
A federal court has ruled in favor of SunTrust Bank in the SunTrust 401(k) Plan self-dealing case, specifically with regard to the claim that certain defendants were aware of predecessor fiduciaries’ breach of duties through the selection of the series of allegedly excessively expensive and poor performing proprietary funds verses other available funds. These defendants […]Read More
Walgreen Target Date Fund Lawsuit
Current and former participants in the Walgreen Profit Sharing Retirement Plan have filed a lawsuit against Walgreen Co., the Plan’s retirement plan committee (and its members), and trustees (and its members), claiming a breach of fiduciary duties under ERISA by selecting the Northern Trust Focus Target Retirement Trusts for the plan, which had a history […]Read More