Massachusetts Financial Services Co. agreed to settle a class action by employees challenging the affiliated mutual funds in their 401(k) plans. The lawsuit accuses MFS of mismanaging the plans, which together hold more than $500 million, by offering high-cost funds affiliated with the company and by failing to investigate lower-fee options. More than 99 percent of the plans’ assets were held …
Federal judge refuses to dismiss lawsuit regarding University’s retirement plan Federal judge rejects the University’s motion to dismiss a lawsuit regarding its retirement plan. A federal judge issued a mixed ruling on the University’s request to dismiss a lawsuit that accuses its retirement plan of excessive fees and poor investments. The judge, Catherine C. Eagles of the U.S. District Court …
Thousands of workers who invested their retirement savings in JPMorgan’s stable value funds got approval to sue the company as a certified class (In re JPMorgan Stable Value Fund ERISA Litig., S.D.N.Y., No. 1:12-cv-02548-VSB, order unsealed 4/17/17 ). The lawsuit accuses JPMorgan Chase & Co. of mismanaging its stable value funds—which are meant to be conservative, low-risk options that protect …
Supreme Court Denies Review in Lutheran Church Retirement Plans Case. “The US Supreme Court today denied review in Evangelical Lutheran Church v. Bacon. .
President Donald Trump’s Department of Labor moved one step closer to putting the brakes on the agency’s fiduciary rule for retirement investment advisers late Feb. 9. The agency sent to the White House’sOffice of Management and Budget a proposal to delay the rule’s applicability date, one week after Trump ordered the agency to review the Obama-era rule that aims to protect retirement investors …
Northern Trust Corp. will pay more than $4.2 million to settle a lawsuit filed by a group that includes two Pontiac, Mich., pension systems over investment losses that occurred during the financial crisis. The Chicago-based financial services firm violated its fiduciary and contractual duties when it “invested its clients’ assets in risky, long-term investments … that plummeted in value,” the …
Nonunion retired coal miners are seeking class action status in a federal lawsuit against CONSOL Energy, Inc. and its subsidiaries for allegedly breaking a promise of lifetime health-care benefits. The suit filed earlier this month seeks class action treatment for about 2,000 nonunion retirees whose benefits were cut or eliminated in 2014 and 2015. The 20-page lawsuit filed in U.S. District …
Providence Health & Services has agreed to pay $351.9 million to settle a class-action lawsuit over its employee-pension plan. Two nurses filed the lawsuit in November 2014 against the Renton-based health-care system, which operates hospitals and health-care facilities in five Western states. They argued the health-care group failed to fully fund their workers’ retirement plan, depriving 73,000 …
Allstate Insurance Co. lost its bid to dismiss a putative class action challenging the insurance giant’s decision to terminate life insurance benefits it provides to retirees (Turner v. Allstate Ins. Co., M.D. Ala., No. …
The University of Pennsylvania is one of several universities being sued by employees amid allegations that the schools’ retirement plans come with excessive fees. In addition to the University of Pennsylvania, complaints were filed on behalf of employees of Duke University, Johns Hopkins University and Vanderbilt University. Before the latest round of complaints, lawsuits were …