A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Plaintiffs in the case, former participants in the Estee Lauder Companies 401(k) Plan, have filed a proposed class action lawsuit, claiming that plan fiduciaries – the Company, Board of Directors, and the Plan’s investment committee, breached ERISA fiduciary duties, selecting overly expensive, poor performing investments for the Plan relative to comparable investments otherwise available. More […]Read More
Quest Diagnostics Case
This case is one alleging excessive fees, particular to the suite of target date products selected as options within the Profit Sharing Plan of Quest Diagnostics Incorporated. The Plan offers the Fidelity Freedom Funds as its QDIA and target date option for participants. Fidelity does offer an indexed suite of target date options which are […]Read More
This lawsuit, filed by a participant in the Costco 401(k) Plan, alleges a fiduciary breach of duty by allowing excessive plan recordkeeping fees, paid to T. Rowe Price as the Plan’s recordkeeper, as well as investment fees despite less expensive better performing funds were available to the Plan. Further, methodologies for plan recordkeeping fees are […]Read More