A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Plaintiffs in this newly filed case allege that the Principal Fixed Income Option, specifically the contract underlying, is “inappropriately structured” thereby enabling Principal to, at its discretion, retain excessive profits instead of crediting participants and beneficiaries with appropriate returns in a breach of its fiduciary duties to the plans for which it provides such services. […]Read More
Chevron Lawsuit Update
The court has upheld its August 2016 decision to dismiss the case for failure to state a claim. The plaintiffs, at the time of the first decision, were allowed to amend the complaint, which they did a month afterwards. The original lawsuit alleged that Chevron’s decision to offer the Vanguard Prime Money Market Fund instead […]Read More
Capital Group Self-Dealing Lawsuit
This lawsuit claims that the Capital Retirement Savings Plan’s investment committee acted in the interest of the company, Capital Group and its subsidiaries, when selecting, retaining and failing to remove expensive proprietary investment option, failing to act prudently and solely in the interest of plan participants and beneficiaries. Further, the lawsuit contends that there were […]Read More