The Third Circuit Court of Appeals recently held that as the plan fiduciary of Universal’s defined contribution plan, Universal Health Services Inc. and its plan investment committee (collectively “Universal”) must face a class action claiming its retirement plan included imprudent investment options charging excessive fees to more than 60,000 participants, even though the three named
Alicia M. Chiu
Alicia M. Chiu is a principal in the Orlando, Florida, office of Jackson Lewis P.C. She devotes the majority of her practice to employment litigation, defending employers in federal and state courts, as well as before the EEOC and other administrative agencies.
Alicia also provides clients with day-to-day advice and counseling regarding employer policies and various workplace law issues as they arise.
While attending law school, Alicia served as an associate editor of The Ohio State University Journal on Dispute Resolution and graduated in the 10% of her class. She also was a judicial extern to the Honorable Judge Algenon Marbley in the Southern District of Ohio. Following law school, Alicia served as a law clerk to The Honorable Judge Norah McCann King in the Southern District of Ohio.
ERISA 401(k) Performance and Fee Litigation Dismissed for Failure to Provide Comparable Benchmark
The District Court for the Southern District of Iowa recently dismissed an ERISA putative class action lawsuit challenging 401(k) performance and fees after plan participants failed to identify appropriate benchmarks in their complaint.
The court reinforced the Eighth Circuit’s standards for stating such claims, requiring that the plaintiffs allege facts establishing “a meaningful benchmark for…