News & Analysis as of

Class Action Breach of Duty Mutual Funds

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Proskauer - Employee Benefits & Executive...

California District Court Denies Motion to Dismiss 401(k) Excessive Fee and Underperformance Claims

A California district court recently denied a motion to dismiss claims that the fiduciaries of a 401(k) plan breached their ERISA fiduciary duties of prudence and loyalty by selecting underperforming, high-cost investments...more

Stikeman Elliott LLP

Pleading Breaches of Fiduciary Duties in Class Proceedings: Court of Appeal Keeps the Bar Low in Ontario

Stikeman Elliott LLP on

In Boal v International Capital Management Inc.(“Boal”), the Ontario Court of Appeal (the “Court”) considered the pleading requirements for certification of a breach of fiduciary duty cause of action. In holding that it was...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fidelity settles lawsuit for $28.5 million

Fidelity Investments settled a class-action lawsuit regarding its own 401(k) plan for $28.5 million. The class-action case alleged that Fidelity breached its fiduciary responsibility to plan participants by including its...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Prudential is latest proprietary fund defendant

One of my favorite sayings is that you should never make yourself a target, but when you are a mutual fund company and you use your own proprietary funds as an investment option in your 401(k) plan, you are certainly a target...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - September 2019

In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

American Century beats back in-house funds lawsuit

American Century Investments recently won a class-action lawsuit alleging that they profited from their company 401(k) plan at the expense of employees by loading the retirement plan with in-house mutual funds....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fidelity sued again over their 401(k) plan

I have always been concerned about the use of proprietary funds, especially belong to mutual fund companies and their use in their own 401(k) plans because they’re ripe to be a target for a class action lawsuit. Fidelity...more

Ballard Spahr LLP

Breach of Fiduciary Duty Case Against University Retirement Plan Fiduciaries Survives Motion to Dismiss

Ballard Spahr LLP on

A plaintiffs' class action law firm in St. Louis made national headlines last August when it filed a series of breach of fiduciary duty lawsuits under ERISA, the federal employee benefits law, against the fiduciaries of...more

Goodwin

District Court Denies Class Certification in Excessive Fee Case Against Service Provider

Goodwin on

The plaintiffs, three plan participants, filed their lawsuit in 2012 and purported to assert claims on behalf of a class of all plans serviced by the defendants, affiliated entities that provided services to the plans and/or...more

Laner Muchin, Ltd.

Supreme Court Emphasizes Requirements About Selecting and Monitoring Plan Investments

Laner Muchin, Ltd. on

Plan administrators, investment committees and any other plan fiduciary responsible for selectingthe investment options of an employee benefit plan subject to ERISA should take note of the recent U.S. Supreme Court ruling in...more

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