A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Fiduciary Attempt to Claim Overpayments
Although case law recognizes the right of a fiduciary to recover overpayments, the practical application of such an action may prove less straightforward, as in the case of Pharmacia Corporation Supplemental Pension Plan and a retiree, who retired in 1999 and elected to receive pension payments (twice per month, one payment from each of two […]Read More
Allianz Retirement Plan Case
Two participants in an Allianz retirement plan have claimed that the company and its asset management partners misused employees’ 401(k) plan assets for their own financial benefit. Several entities are named in the complaint, Allianz Asset Management of America (including AAM-LP and AAM-LLC) and the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement […]Read More
DSI Contracting to Pay Department of Labor
DSI Contracting, Inc. will pay the Department of Labor (DOL) $1.3 million to remedy allegations that it breached fiduciary duties with regard to its employee profit sharing plan. A complaint was filed against the company and Burgess Baird Jr., trustee, for prohibited transactions. Through its investigation the DOL learned that Baird and the company used […]Read More