A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Boeing Settlement Terms Disclosed
Boeing has agreed to pay $57 million to settle the case brought against it in September 2006, in which Boeing plan participants alleged excessive fees were incurred by the plan and plan participants, through a combination of undisclosed hard dollar payments and hidden revenue sharing transfers. Additional claims included failure to offer less expensive investments […]Read More
Record Companies Named in Pension Lawsuit
Several music recording companies have been named in a lawsuit for failure to meet pension fund obligations, specifically failing to make pension fund payments from foreign audio stream revenue and foreign and domestic ringback revenue. The American Federation of Musicians of the U.S. and Canada (AFM) maintain an agreement with music recording companies requiring they […]Read More
A preliminary settlement agreement in one of the original and longest running examples of 401(k) excessive fee litigation has been reached and agreed upon by both plaintiffs and defendants. Plaintiffs alleged that Boeing violated ERISA by allowing a variety of excessive fees to be levied to plan participants, engaging in self-serving conflicts of interest, and […]Read More