The NCAA and its power conferences recently approved a multi-billion-dollar agreement to settle several antitrust claims brought by student-athletes, taking the next step towards reshaping the collegiate sports landscape. The...more
The ball keeps rolling on potentially big compensation for college athletes. In a landmark proposed settlement (Settlement), the National College Athletics Association (NCAA) and the Atlantic Coast Conference, Big Ten...more
In a striking reversal of approach beginning in the summer of 2022, the District Court for the Eastern District of Wisconsin went from denying, in whole or in part, virtually every motion to dismiss ERISA lawsuits targeting...more
The Supreme Court recently granted the writ of certiorari requested by Northwestern University retirement plan participants, following the Solicitor General’s plea for the Court to hear the case. Hughes v. Northwestern...more
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
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
When I think of Gucci, I think of a high-priced brand. Coincidentally or not, they are being accused of running a high-priced 401(k) plan. Selling high-priced leather goods is OK, running an expensive 401(k) plan is not....more
Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more
A well-respected registered investment advisor was recently named as a defendant in a class-action lawsuit against a $1 billion 401(k) plan. I’m not going to cite the particulars and I’m not going to opine because a...more
Avoiding The “Bumps” Of Being A Retirement Plan Provider - I’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out...more
Add Great West under their Empower Retirement brand name as the latest bundled provider being sued. Great West is being sued for revenue sharing fees from mutual funds as part of their program....more
Since Judge Claudia Wilken’s recent ruling in O’Bannon et al. v. NCAA et al., Case No. 4:09-cv-03329 (N.D.Ca.), in which the judge called the NCAA a “cartel” that restrains the college athletics market, many commentators have...more