A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
SEI Self-Dealing Settlement
SEI Investments Company has agreed to a settlement in a self-dealing lawsuit in which plaintiffs claim that non-competitive SEI investment vehicles were offered with the SEI 401(k) Plan as a means to generate fees for SEI and its affiliates, propping up SEI-affiliated investments in the pursuit of SEI’s business objectives. The lawsuit claims that other […]Read More
Safeway Excessive Fee Settlement
Two excessive fee lawsuits against Safeway retirement plan fiduciaries and AonHewitt Investment Consulting, Inc. have reached settlement. Plaintiffs claimed that the defendants breached their fiduciary duties of prudence through the selection of funds with excessive fees verses comparable and available funds. Further claims cited excessive revenue sharing compensation to the plan’s recordkeepers, causing prohibited transactions […]Read More
Adidas Excessive Fee Lawsuit
A proposed class action lawsuit has been filed against Adidas America by participants in the Adidas Group 401(k) Savings and Retirement Plan. At issue is the plan’s administrative and investment fees, claimed to be excessive according to “tabular depictions of the Adidas plan’s fees calculated as cost per 401(k) plan participant/ beneficiary and as a […]Read More