A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
A plan participant has alleged excessive fees in the $96.5 million Gucci America Inc. 401(k) Plan recordkept by Transamerica Retirement Solutions, LLC. Fiduciaries are thought to have neglected to exercise their bargaining power to demand lower administrative and investment management fees. Additionally, the plan offered solely proprietary funds, while advertising open architecture on the Transamerica […]Read More
DST Systems/Ruane Advisory Lawsuit
Plaintiffs in this case, participants in the DST Systems profit sharing and 401(k) Plans, claim that the plan advisory committee, Board of Directors, and compensation committee and the advisory firm Ruane Cuniff & Goldfarb, Inc. did not implement a prudent investment strategy for a significant portion of plan assets, causing the Plan to suffer over […]Read More
Brown University Lawsuit
Several complaints have been alleged in this lawsuit against Brown University and the fiduciaries of the Brown University Deferred Vesting Retirement Plan and Legacy Retirement Plan, representing over $1 billion in assets. Fiduciaries are accused of failing to utilize their bargaining power to achieve low-cost administrative and investment management services, causing plan participants to incur […]Read More