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Schlichter Sanctioned for 'Reckless' Litigation
American Retirement Association [ARA] 
Sept. 29, 2020 "Determining that the decision to pursue litigation was 'objectively reckless,' a federal judge has sanctioned the law firm of Schlichter Bogard & Denton with a fine of (up to) $1.5 million.... The suit -- which was dismissed in August -- was ... brought by participants in plans that had chosen Empower as recordkeeper, and investment options from Great-West and other fund complexes from which participants could choose.... Great-West Capital Management LLC and Empower Retirement (its affiliate plan administrator) requested the sanction, following an 11-day bench trial earlier this year where the plaintiffs failed to produce 'any legally cognizable evidence' of damages." [Obeslo v. Great-West Capital Mgmt. LLC, No. 16-230 (D. Colo. dismissed Aug. 7, 2020; sanction order Sep. 28, 2020)] |
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