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Judge Scales Back Claims Against Voya in Suit Alleging Excessive Fees
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Feb. 6, 2020 "The plaintiff, a participant in the plan, first alleged that Voya breached its fiduciary duties under [ERISA] by charging excessive fees. But 'a party does not act as a fiduciary with respect to the terms in the service agreement if it does not control the named fiduciary's negotiation and approval of those terms,' [Judge Colm Connolly] wrote ... Connolly rejected the plaintiff's argument that because Voya can charge different Daily Asset Charges over the lifetime of the plan, it has discretion over the plan and is therefore a fiduciary." [Goetz v. Voya Financial, Inc., No. 17-1289 (D. Del. Feb. 4, 2020)] MORE >> |
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