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Nevin E. Adams

In a lengthy filing (109 pages), Yale University says the plaintiffs who lost their excessive fee case in a jury trial shouldn’t get a “do over.” More specifically, the Yale fiduciary defendants in that case have filed the aforementioned brief stating that the Second Circuit need not concern... READ MORE
The Labor Department says a federal judge mis-instructed the jury on the burden of proof in an excessive fee suit—and wants them to get another hearing. The suit against Yale University was one of the first to be filed in this area—and by Schlichter Bogard & Denton LLP (now just Schlichter... READ MORE
Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm. The most recent case[1] involved Cornell University, which had already successfully fended off most of the claims in 2019 in the U.S. District Court for the Southern District... READ MORE
Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association. The fact sheet focuses on the issue of conflicted advice, specifically calling out what... READ MORE
The terms of a settlement in an excessive fee suit against a $2.3 billion 403(b) plan have come to light. The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North... READ MORE
Millennials have had a rough week of it, at least in the financial press. First there was a report that they had established asset allocations that mirrored that of their grandparents (the respondents apparently never heard of a target-date fund). Then a separate survey that indicated they (70% of... READ MORE
The allegations in a new excessive fee suit are familiar—but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed. Commenting that “the proliferation of 401(k)plans has exposed workers to big drops in the stock market and high fees... READ MORE
One of the first excessive fee suits filed against university 403(b) plans has (finally) come to a conclusion with a jury verdict in favor of the fiduciary defendants—with an odd twist (or two). The suit against Yale University was one of the first to be filed in this area—and by Schlichter Bogard... READ MORE
Another target-date fund family has been…targeted…in a fiduciary breach suit that claims plan fiduciaries failed to prudently review—and remove—underperforming target-date funds. The target-date funds in question this time are the JPMorgan SmartRetirement series, while the plans in question are... READ MORE
A federal judge has dismissed a multi-billion plan fiduciary's motion to dismiss an excessive fee/fiduciary breach suit.   The defendants in this case—filed in the U.S. District Court for the Eastern District of Michigan in early 2021—are the fiduciaries of the Magna Group of Companies Retirement... READ MORE
The parties in a two-year old 403(b) excessive fee suit against a $2.3 billion plan have come to terms.  The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North... READ MORE
The terms of a quickly settled excessive fee suit involving a 403(b) plan have come to light. The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc. — and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were represented... READ MORE
An excessive fee suit with a “complicated procedural history” and one that a federal judge says “appears to be a lawsuit in search of a theory” has, once again, culminated in a win for the plan fiduciaries. This time we’re talking about the suit alleging that the Georgetown University 403(b) plan... READ MORE
Following a United States Supreme Court directive, a federal court has reconsidered its earlier conclusions in an excessive fee case. Now, it’s been awhile, but you may recall that the case[1] (April Hughes et al. v. Northwestern University) had been dismissed by this same Seventh Circuit back in... READ MORE
Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security. While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (... READ MORE
A $1.6 billion 403(b) plan has settled an excessive fee suit for $6 million. The suit — brought by participants Susan McNeilly and Carla Martz of the Spectrum Health System 403(b) plan and represented in that action by the law firm Capozzi Adler[1] — had made the “usual” assortment of allegations... READ MORE
The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—have unveiled the terms of a big settlement. The suit, filed way back in August 2016, involved two plans sponsored by the University of Southern California (the... READ MORE
The parties in an excessive fee suit have struck a deal — mere months after the suit was filed. The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc. — and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were... READ MORE
The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof. The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District... READ MORE
Today is Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.  I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time gap... READ MORE

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