News & Analysis as of

Employee Benefits Employee Retirement Income Security Act (ERISA) Fiduciary Duty

Carlton Fields

Second Circuit Rejects Enforcement of Class Waiver and Arbitration Agreement Under FAA, Finds That Provisions Impermissibly...

Carlton Fields on

The plaintiff sued the trustee of his retirement plan, his former employer, and others for breach of fiduciary duties in connection with the plan’s purchase of shares of the employer’s parent company for more than fair market...more

Warner Norcross + Judd

50 Years of ERISA: Reflecting on the Past, Present and Future of Employee Benefits

Warner Norcross + Judd on

As we celebrate the 50th anniversary of the Employee Retirement Income Security Act of 1974 (ERISA), it is important to reflect on the impact this legislation has had on private sector employee benefit plans such as...more

Jackson Lewis P.C.

DOL Expands Fiduciary Obligations for Cybersecurity to Health and Welfare Plans

Jackson Lewis P.C. on

A little more than three years ago, the U.S. Department of Labor (DOL) posted cybersecurity guidance on its website for ERISA plan fiduciaries. That guidance extended only to ERISA-covered retirement plans, despite health and...more

Snell & Wilmer

Cheers to 50 Years of ERISA: A Major Milestone in Employee Protection

Snell & Wilmer on

As the Employee Retirement Income Security Act (“ERISA”) celebrates its 50th anniversary, it offers us an opportunity to reflect on its transformative impact on employee benefits and retirement security. Signed into law on...more

Morgan Lewis - ML Benefits

What the End of the Chevron Doctrine May Mean for ERISA’s Fiduciary Provisions

In Loper Bright Enterprises v. Raimondo and Relentless Inc. v Department of Commerce, the Supreme Court held that both the United States’ constitutional structure and the Administrative Procedure Act preclude a court from...more

Hogan Lovells

Court rulings put implementation of Department of Labor Fiduciary Rule on hold

Hogan Lovells on

Two federal district courts in Texas have issued orders staying the implementation of the United States Department of Labor’s (DOL) 2024 Fiduciary Rule (the Final Rule) and related prohibited transaction exemption amendments....more

The Wagner Law Group

Forfeiture Cases – Update

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by applying forfeitures to reduce employer...more

Holland & Knight LLP

Arkansas Court Declines to Dismiss Challenge to ESOP Releveraging Transaction

Holland & Knight LLP on

The U.S. District Court for the Western District of Arkansas issued its written decision in Shipp v. Central States Manufacturing, Inc. on July 5, 2024, declining to dismiss the case against Central States Manufacturing Inc....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

New DOL rule frozen by Texas Federal judge

U.S. District Judge Jeremy Kernodle, of the Eastern District of Texas, has frozen the new fiduciary rules, by issuing a preliminary injunction to freeze the Department of Labor’s (DOL’s) Retirement Security Rule, which is...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - ERISA Forfeiture Litigation

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses pending court cases regarding the proper use of forfeitures that arise under defined contribution plans. He outlines how these new...more

Williams Mullen

[Hybrid Event] 2024 Benefits Forum: Celebrating 50 Years of ERISA - September 12th, Richmond, VA

Williams Mullen on

Join us as we commemorate ERISA’s 50th anniversary and review the past, present and future of this pivotal legislation. This hybrid event offers two options for attendance: in-person or webinar. Both options will have an...more

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

Carlton Fields on

The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Seyfarth Shaw LLP

Two Texas District Courts Issue Orders Delaying the Effective Date of DOL Fiduciary Rule and Related Amendments to Seven...

Seyfarth Shaw LLP on

Seyfarth Synopsis: Orders issued by the Eastern District of Texas on Thursday July 25 and the Northern District of Texas on Friday July 26 indefinitely delayed the September 23, 2024 effective date of the Department of...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

Jackson Lewis P.C.

Health Plan Hygiene Part 2: ERISA Fiduciaries – That May Mean You!

Jackson Lewis P.C. on

The Employee Retirement Income Security Act of 1974 (ERISA) regulates most private employee benefit retirement and welfare plans. This statute’s purview is vast; it governs employer-sponsored defined benefit and defined...more

Jackson Lewis P.C.

Evonik Corporation Beats 401(k) Plan Challenge with Evidence of Rigorous Fiduciary Process

Jackson Lewis P.C. on

A New Jersey federal district court recently granted summary judgment in defendants’ favor in an ERISA excessive fee case accusing Evonik’s 401(k) plan fiduciaries of keeping imprudent investments in the plan and of allowing...more

Jackson Lewis P.C.

Health Plan Hygiene Part 1: A Spoonful of Sugar Helps the Medicine Go Down

Jackson Lewis P.C. on

During the next several weeks, we will publish a series of articles that dive deeply into “health plan hygiene” relating to health and welfare benefit plan fiduciary issues and how employers can protect themselves in this...more

Goodwin

Minding the Store: Unanticipated ESG Issues Affecting ERISA Fiduciary Supervision

Goodwin on

A recent summary judgment decision from the U.S. District Court for the Northern District of Texas in an ERISA (Employee Retirement Income Security Act) class action challenging the alleged impact of environmental, social,...more

Proskauer - Employee Benefits & Executive...

District Court Dismisses Challenge to Use of Plan Forfeitures

A federal district court recently granted a motion to dismiss claims that defined contribution plan fiduciaries breached their fiduciary duties of loyalty and prudence, and violated ERISA’s anti-inurement and prohibited...more

Morgan Lewis - ML Benefits

Stick to the (ERISA) Plan

The backbone of a fiduciary’s duties is the written plan document: understanding the key terms and adhering to them provides a bulwark against fiduciary breach. ERISA Sections 402(a)(1) and 404(a)(1)(d) require that every...more

Fisher Phillips

Don't Forget About ERISA in Your Health Plan’s Cybersecurity Efforts: Important Reminders for Plan Fiduciaries in the Wake of...

Fisher Phillips on

Earlier this year, a cyberattack on a leading healthcare claims processing provider had an unprecedented impact on patients and healthcare providers across the country. While group health plans were not directly targeted in...more

Verrill

Novel 401(k) Plan Lawsuits Over the Use of Forfeitures—Swinging for the Fences or Plausible Claims?

Verrill on

In our December 7, 2023 post, we noted five class action lawsuits, all filed by the same law firm within two months, in which 401(k) plan participants allege plan fiduciaries violated ERISA by using plan forfeitures to offset...more

Stinson - Benefits Notes Blog

DOL Settlements Remind Employers to Avoid Collecting Premiums Until Evidence of Insurability is Approved

The U.S. Department of Labor (DOL) announced two settlements with major insurance companies this month that highlight the importance of employers avoiding the collection of group life insurance premiums from employees until...more

Mayer Brown

Northern District of Texas Expands Fiduciary Exposure by Permitting ESG Proxy Voting Theory to Go to Trial

Mayer Brown on

Case Name and Number: Spence v. American Airlines, Inc., et al., No. 4:23-cv-00552 - INTRODUCTION - On June 20, 2024, Judge Reed O’Connor in the Northern District of Texas (the “court”) denied a motion for summary...more

Eversheds Sutherland (US) LLP

DOL Final Rule 4.0 - Correcting the historical record

From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more

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