A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Trader Joe’s Lawsuit
Participants in the $1.6 billion Trader Joe’s Company defined contribution retirement plan allege that Trader Joe’s has not disclosed the exact fees that Capital Research, the plan’s recordkeeper, and provider of plan investments as investment advisor to the American Funds mutual funds received from the plan. Trader Joe’s only mentions that Capital Research receives both […]Read More
Northrop Grumman Settlement
The original lawsuit filed many claims of ERISA fiduciary breaches against the company, among which included allowing the recordkeeper to receive fees from the plan’s managed accounts service provider, Financial Engines, paying plan assets to the company for unnecessary “administrative services Northrop provided to the Plan”, and causing the plan to pay unreasonable recordkeeping fees […]Read More
Banner Health Settlement
The plaintiffs in this case and one of the defendants, Jeffrey Slocum & Associates, have reached a settlement agreement. Plaintiffs claimed ERISA fiduciary breaches against the named defendants, Banner Health, certain and former employees and advisory firm Jeffery Slocum & Associates. Among other allegations, Jeffrey Slocum & Associates was alleged to have breached fiduciary duty […]Read More