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Litigation Developments

A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.

Matthews International Case

Fiduciaries of the Matthews International Corporation defined contribution plan – Members of the Board of Directors and the Retirement Plan Board – are accused of violating ERISA duties by allowing excessive recordkeeping and investment fees although similar options with lower fees and better performance histories were available to the Plan, with emphasis on more costly […]

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Koch Industries Case

Koch affiliated plans, as part of a master trust arrangement, are the subject of an excessive fee lawsuit in which plan participants (former and current) claim that Koch’s failure to execute fiduciary monitoring duties, led to millions of dollars of participant losses resulting from excessive fees. Allegations include failure to monitor and evaluate performance of […]

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Shell Oil Lawsuit Excessive Fee/Cross Selling Case

A proposed class action lawsuit has been filed against Shell Oil and various Fidelity business units and named plan fiduciaries, alleging excessive plan and investment management fees as a result of Shell Oil’s failure to use its bargaining power to negotiate more favorable fees. Plaintiffs also suggest that Shell permitted Fidelity to automatically place its […]

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