A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
University of Chicago Settlement
Preliminary settlement pending court approval has been reached in this case, with the University of Chicago to pay $6.5 million. Plaintiffs in this case alleged University of Chicago fiduciary violations through the selection, maintenance, and inadequate monitoring of certain investment options within the Plan, namely the CREF Stock Account and the TIAA Real Estate Account. […]Read More
Social Media Disclosure in Anthem 401(k) Case
Discovery requests involving social media posts/messages/etc. of plan participants serving as plaintiffs in excessive fee cases are becoming more commonplace since plaintiffs’ bar started using social media, such as Facebook and Instagram, to target potential plaintiffs for litigation. In the Anthem case, the participant’s Facebook private messages, regarding the excessive fee lawsuit she was alleging […]Read More
Wells Fargo Revenue Sharing Lawsuit
Wells Fargo has admitted to retaining revenue-sharing payments owed to the Chattanooga Fire & Police Pension Fund in this case, due to a “a system set-up error.” The bank informed the pension fund that the system problem had been corrected; however, the retirement fund disagrees with the amount of the revenue sharing that Wells Fargo […]Read More