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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.

Shell Oil Lawsuit Excessive Fee/Cross Selling Case

A proposed class action lawsuit has been filed against Shell Oil and various Fidelity business units and named plan fiduciaries, alleging excessive plan and investment management fees as a result of Shell Oil’s failure to use its bargaining power to negotiate more favorable fees. Plaintiffs also suggest that Shell permitted Fidelity to automatically place its […]

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Vail Corporation Excessive Fee Case

A participant in the Vail Resorts 401(k) Retirement Plan has filed a lawsuit against the company, claiming that plan fees were excessive compared to those of comparable sized 401(k) Plans, lowering net returns to participants. A “commercially available program” was used to review the Plan’s “performance, comparable cost, and other key indicators.” More specifically, 18 […]

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Princeton University 403(b) Plan Settlement

This excessive fee case has reached conclusion, with an agreement in principle on settlement terms, inclusive of “therapeutic relief.” As with many higher education 403(b) plans, Princeton defendants were accused of excessive fees for recordkeeping services by contracting with two recordkeepers – TIAA-CREF and Vanguard- instead of one, causing duplicative and unreasonable fees for recordkeeping […]

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