A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
University of Pennsylvania Settlement
In this case, filed in 2016, University of Pennsylvania fiduciaries to the $3.8 billion University of Pennsylvania Matching Plan – the University and the Vice President of Human Resources – allegedly breached their fiduciary duties, allowing excessive administrative and investment management fees in the Plan. The case history is storied, with the defendants prevailing in […]Read More
Plaintiffs in this case, participants in the nearly $1 billion Mercedes-Benz defined contribution plan, have alleged that the Plan fiduciaries (the company, Board of Directors, and employee benefit plan administrative committee) have allowed unreasonable and excessive fees relative to services received. More specifically, the Plan is said to have paid between $239 and $567 per […]Read More
L Brands Case
L Brands, parent company of Bath & Body Works and Victoria’s Secret stands accused of a fiduciary breach in its allowance of “unreasonable recordkeeping fees and excessively expensive investments” in the $1.6 billion L Brands 401(k) Savings and Retirement Plan. More specifically, a former plan participant claims that the defendants – the plan sponsor, retirement […]Read More