The trial would have begun Monday in Sarasota County Circuit Court. A two-page document filed Friday in court says that the plaintiffs, led by the environmental group ManaSota-88, were dropping their claims against the county and the developers. The dismissal is “with prejudice,” meaning the opponents waived their right to file another lawsuit with the same claims, which included arguments that …
A new proposed class action lawsuit filed in the U.S. District Court for the Northern District of California, San Jose Division, accuses Fidelity of improperly handling “float income” that plaintiffs feel should be considered a plan asset and thus returned to plan accounts. It was just last month that the 1st U.S. Circuit Court of Appeals ruled that float income Fidelity retained in the process …
The federal judge overseeing a proposed class action settlement involving millions of allegedly defective Remington firearms says the parties can go ahead with a revised plan to notify gun owners of their right to get the triggers replaced. But in a unique twist, the judge is delaying final approval of the settlement until he sees how many people file claims. The case involves Remington’s …
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.
Columbia University was sued Tuesday on claims its retirement plans charged excessive fees. This follows a string of similar litigation filed over the past week against several top universities, leading to speculation that these suits are merely the first volleys in what’s likely to be a developing trend. The plaintiff in the proposed class-action lawsuit is seeking $100 million from Columbia …
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.
Not surprisingly, in its most recent round of “excessive fee” lawsuits under the Employee Retirement Income Security Act (ERISA), the plaintiffs’ bar has begun targeting 403(b) plans sponsored by higher education institutions such as Yale University, the Massachusetts Institute of Technology, New York University, and Duke University. Cases like Tibble v. Edison …
Schlichter, Bogard & Denton, a leading national law firm based in St. Louis, today filed separate class action lawsuits against three universities on behalf of over 60,000 employees in their defined contribution retirement plans. The complaints, David B. Tracey, et al., v. Massachusetts Institute of Technology, et al. ; Dr. Alan Sacerdote, et al., v. New York …
New York University, Yale University and the Massachusetts Institute of Technology are facing lawsuits for allegedly making retirement-savings plan members pay exorbitant fees. NYU, Yale and MIT — each having retirement plans holding over $3 billion in assets — are being individually sued by employees looking to establish a class-action lawsuit. Two of the three …
Trinity Health Corp. will pay $75 million to settle class action claims that it underfunded its pension plans by improperly treating them as “church plans” exempt from federal law (Lann v. Trinity Health Corp., D. Md., No. 8:14-cv-02237-PJM, motion for preliminary settlement approval filed
8/1/16).