A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
This lawsuit involves claims against the employer, Astellas US LLC, its board of directors and retirement plan administrative committee as well as the Astellas US LLC defined contribution plan’s discretionary investment manager, Aon Hewitt Investment Consulting. Allegations directed toward Aon Hewitt involve the Plan’s offering of Aon’s proprietary CITs for its own benefit. Astellas defendants, […]Read More
State Street Self-Dealing Case
Participants in the $4.5 billion State Street Salary Savings Program (401(k) Plan) have filed suit against State Street and a long list of defendants that includes the benefits and investment committees, claiming that these fiduciaries selected State Street or affiliated proprietary products for the Plan that were not in the best interest of plan participants, […]Read More
Northern Trust Self-Dealing Case
At issue in this case is the continued offering of poorly performing proprietary Northern Trust investments, namely the Northern Trust Focus Target Retirement Trusts, in the Northern Trust Company Thrift-Incentive Plan. Plaintiffs are seeking to capture plan losses resulting from the continued product offering through the class period June 1, 2015 through present, and are […]Read More