Loan & Distribution Specialist AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
AimPoint Pension
|
Bates & Company, Inc.
|
Regional Vice President of Sales The Retirement Plan Company
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
401(k) Fee Cases: United Technologies Prevails in Second Circuit; Eighth Circuit Reinstates Wal-Mart Lawsuit; Caterpillar Settles (PDF)
Groom Law Group [Guidance Overview] Dec. 6, 2009 7 pages. Excerpt: As we pass the three year mark from when the majority of the 401(k) fee cases were filed, the appellate courts have issued a series of decisions on some of the key issues presented in the lawsuits. Earlier this year the Seventh Circuit and the Second Circuit affirmed the dismissal of two of the lawsuits on the basis that plaintiffs failed to allege viable claims under ERISA. Hecker v. Deere & Co., 556 F.3d 575 (7th Cir. 2009); Young v. General Motors Investment Management Corp., 325 Fed.Appx. 31, 2009 WL 1230350 (2d Cir. 2009). In the last few weeks, two additional appellate decisions were issued in the fee cases. As discussed in greater detail below, the Second Circuit on December 1 affirmed the entry of summary judgment in favor of United Technologies on the merits of the plaintiffs' claims. Taylor v. United Technologies Corp., 2009 WL 4255159 (2d Cir. Dec. 1, 2009). Running opposite to the other appellate court rulings in favor of defendants, the Eighth Circuit on November 25 reinstated the putative class action filed by a participant in Wal-Mart's 401(k) plan. Braden v. Wal-Mart Stores, Inc., -- F.3d -- (8th Cir. 2009). The United Technologies and Wal-Mart decisions come in the wake of the recently announced $16.5 million settlement of the fee lawsuit involving Caterpillar, Inc.'s 401(k) plans[.] |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |