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Federal Court Dismisses 'Excessive Fee' Claims Against Plan's Service Provider
Williams Mullen 
Jan. 21, 2016 "The court held first that Principal's selection of sixty-three funds for the initial investment menu in the 2009 contract was not a fiduciary act.... The court also rejected McCaffree's assertion that Principal was a fiduciary because it offered the participants investment advice giving rise to a fiduciary duty under ERISA section 404(a). Again, the court found that McCaffree offered no facts to show Principal's actions as an investment manager were connected to or caused the excessive fees alleged in the complaint." [McCaffree Fin. Corp. v. Principal Life Ins. Co., No. 15-1007 (8th Cir. Jan. 8, 2016)] |
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