Fiduciary Rules and Practices

The parties in one of the first university 403(b) excessive fee suits — by participant-plaintiffs represented by the Schlichter law firm — has come to terms on the eve of going to trial.  The suit, filed in August 2016, involved two plans sponsored by the University of Southern California (the... READ MORE

New year, new duties? A Missouri senator has introduced legislation that would modify the duties of fiduciaries serving public employee retirement systems. Sen. Jill Carter (R-Jasper and Newton) on Jan. 4 introduced the bill, SB 436. It provides that an investment fiduciary would discharge his or... READ MORE

A pair of excessive fee suits have been dismissed for failure to state a claim — for now. The separate suits were brought against the fiduciaries of the plans at ThedaCare, Inc. and Prevea Clinic, Inc. In the former, participant-plaintiff Glick had argued (in August 2020) that ThedaCare, Inc. and... READ MORE

Litigator Jerry Schlichter has been sued…for a breach of fiduciary duty. According to a report in the St. Louis Post-Dispatch, Schlichter (and his firm) has been sued by partner Roger Denton—the third name in St. Louis law firm Schlichter, Bogard and Denton—alleging he’s been cheated out of at... READ MORE

COVID notwithstanding, the retirement plan industry has seen a record increase in court filings and litigation the past few years — and a recent session at the ASPPA Annual National Conference explored those issues and the underlying causes. The session — led by Kizzy Gaul, Esq, ERISA Attorney at... READ MORE

“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms — in less than a year. The parties here — plaintiffs Trudy Clark, Donna... READ MORE

Yet another excessive fee suit has been dismissed for failing to make a “plausible” case. The plaintiff in this case is Kaila Gonzalez, a participant in the Northwell Health 403(b) Plan, who filed suit against Northwell Health, Inc., the Northwell Health 403(b) Plan Committee, and 10 other... READ MORE

The fiduciaries of a relatively small retirement plan have come to relatively smaller terms in an excessive fee suit. First and foremost, the settlement proposed provides $330,000 in the form of a “Settlement Fund.” This litigation was initially commenced on Sept. 3, 2020, alleging that the... READ MORE

Now that the U.S. Senate has confirmed Lisa Gomez to serve as Assistant Secretary for the Department of Labor’s Employee Benefits Security Administration (EBSA), a lengthy to-do list awaits her attention.   Since the start of the current administration, Ali Khawar has been serving as Acting... READ MORE