A judge’s recent decision favoring AXA Equitable Life Insurance Co. in a lawsuit over excessive mutual fund fees in variable annuities was a win of sorts for insurance companies, in that it upholds a traditional structure of offering investment options. At issue in the lawsuit, Sivolella v. AXA Equitable Life Insurance Co. et al, is whether the insurer and an RIA subsidiary, which act as …
HomeArticlesLocal NewsLawsuit Filed Over Security At Los Angeles Rams Games Lawsuit filed over Security at Los Angeles Rams games Tweet Photo Credit: Getty Images LOS ANGELES (CNS) – A taxpayer lawsuit will be filed today against the city of Los Angeles alleging an unlawful “gift of public funds” to the Los Angeles Rams in the form of security at home games. { “position1” : { “type” : “live”, …
Morgan Stanley faces $1.5 billion lawsuit for mismanagement of employee retirement funds Submitted by Valerie Rogers on Sat, 08/20/2016 – 08:32 Morgan Stanley’s 401 (k) plan participants have filed a lawsuit claiming that the financial services major mismanaged the funds. The lawsuit claims that nearly 60,000 participants in Morgan Stanley’s fund faced significant financial loss as the fund …
Morgan Stanley was hit with a class action Friday, filed on behalf of 60,000 workers. The suit claims that the company mismanaged its own employees’ retirement plans by offering poorly performing funds and charging excessive fees.
Is 401(k) fee litigation over? Now that many of the cases contending that large 401(k) plans paid too high fees have been settled or decided, it would be tempting for plan sponsors that haven’t been sued to breathe a sigh of relief. They should not do so, because litigation continues unabated with new theories and targets.
With some of the universities named in the lawsuits holding more than 400 fund options managed by five or more record keepers, universities will have a difficult time wading through details of each fund to determine if and how they could have noticed trends of investment underperformance. But with higher education at large struggling to maintain endowment gains, and …
In this May 4, 2016 file photo, North Carolina Gov. Pat McCrory make remarks concerning House Bill 2 while speaking during a government affairs conference in Raleigh, N.C. McCrory has taken a beating from critics over a law dictating which restrooms transgender people can use, highlighting what they call the economic harm and reputation its causing North Carolina. McCrory is retrying to …
The decision by the United States government last month to launch civil action to recover $1 billion in funds, said to have been looted from Malaysia’s state-owned investment fund, 1 Malaysia Development Berhad (1MDB), has compounded pressure on Malaysian Prime Minister Najib Razak to step down. Justice …
Asset managers that limit employee retirement plan investment choices to proprietary, in-house mutual funds are putting a legal target on their backs, attorneys said. In the context of a rash of lawsuits by employees against financial services companies alleging breach of fiduciary duty in managing 401(k) plans, asset management companies that populate their retirement plans solely with house …
Index funds often benefit from a low-cost halo. They don’t all deserve to bask in that glow. Allegations of excessive index fund fees in retirement plans are at the heart of a new proposed class action lawsuit brought by New York Life Insurance Co. employees against the company.