On August 5, three Named Plaintiffs sued TIAA and Morningstar in the S.D.N.Y., claiming Defendants engaged in a “scheme to enhance corporate profits” by counseling participants to invest in two of TIAA’s most lucrative investment vehicles. Plaintiffs target ERISA and non-ERISA plans. The Complaint alleges TIAA and Morningstar developed an investment advisory tool – the
fiduciary
Evonik Corporation Beats 401(k) Plan Challenge with Evidence of Rigorous Fiduciary Process
A New Jersey federal district court recently granted summary judgment in defendants’ favor in an ERISA excessive fee case accusing Evonik’s 401(k) plan fiduciaries of keeping imprudent investments in the plan and of allowing participants to pay excessive recordkeeping fees. Harris, et al. v. Evonik Corp., et al., No. 20-02202, 2024 U.S. Dist. LEXIS _____…
California District Court Dismisses Conclusory ERISA “Fee” Complaint Unsupported by Facts
By Alex E. Hotard & Phillip C. Thompson on
A California federal court recently granted an employer win in an ERISA excessive fee case when it dismissed a proposed class action brought by an ex-employee of Schenker, Inc., a transportation logistics company. Partida v. Schenker Inc., No. 22-cv-09192-AMO, 2024 U.S. Dist. LEXIS 58297 (N.D. Cal. Mar. 29, 2024). In the past few years…
Fourth Circuit Affirms Aon’s Trial Victory in Investment Suit
By Stacey C.S. Cerrone & Lindsey H. Chopin on
The Fourth Circuit affirmed Aon Hewitt Investment Consulting’s trial victory in a 250,000-member class action suit alleging that Aon breached ERISA’s fiduciary duties.
Aon was initially the Lowe’s 401(k) plan’s investment advisor and later was engaged as the plan’s 3(38) delegated fiduciary. The plaintiffs’ fiduciary breach claims alleged that, after being retained as a delegated…