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Compass
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Labor Secretary, Plaintiffs, Interest Groups Call for Rehearing in Plan Fee Fiduciary Liability Case
The ERISA Industry Committee [ERIC] Apr. 1, 2009 Excerpt: The plaintiffs in Hecker v. Deere & Co. on March 9 filed a petition for rehearing in the U.S. Court of Appeals for the Seventh Circuit's February 12th ruling affirming the dismissal of claims for allegedly improper revenue sharing and excessive fees in the defendants' Section 401(k) plan. The plaintiffs had alleged that investment options offered by the plan included excessive and unreasonable fees and costs, and that the plan did not adequately disclose information about revenue sharing and costs to the plan participants. The plaintiffs argue that a panel rehearing should be granted because the three-judge panel 'misapprehended the law' by holding that providing an array of retail mutual funds satisfied Deere's duty of prudence under ERISA. |
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