A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Goldman Sachs Case
Goldman Sachs attempt to dismiss this case has failed. Plaintiff is seeking class action, alleging Goldman Sachs of prohibited transactions in its offering of its own products in the Plan, as well as unreasonably expensive poor performing funds at that. Goldman Sachs arguments regarding statute of limitations for the claims and the fact that the […]Read More
AonHewitt Investment Consulting has been named as a defendant in a lawsuit involving employees of a client, Astellas U.S. Asetllas U.S. has also been named as a defendant in this case. Both are accused of fiduciary breaches with regard to the Astellas qualified retirement plans. More specifically, the case alleges that Aon placed five unreasonably […]Read More
Fidelity Retirement Savings Plan Settlement
A settlement of $28.5 million has been proposed in this self-dealing lawsuit in which plaintiffs, participants in the Fidelity Retirement Savings Plan, claimed that Fidelity imprudently managed the $15 billion, 58,000 participant plan by allowing excessive recordkeeping fees and promoting Fidelity’s mutual fund business to the detriment of plan participants. The settlement also outlines the […]Read More