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Lessons from a Rare ERISA Excessive Fee Suit Dismissal
PLANSPONSOR; free registration may be required Link to more items from this source
Oct. 9, 2020

"The complexity of retirement plan lawsuits often makes district court judges reluctant to approve early dismissal motions plaintiffs, but Salesforce has succeeded in defeating a complaint alleging it committed various fiduciary breaches.... [T]he ruling states, a plaintiff's bare allegations that passively managed funds were available as cheaper alternatives to the actively managed funds offered in the plan 'do not suffice to demonstrate imprudence.' ... The dismissal ruling explains that the court found compelling the defense's arguments that the plan engaged in revenue sharing in an appropriately considered, prudent and loyal manner." [Davis v. Salesforce.com, Inc., No. 20-1753 (N.D. Cal. Oct. 5, 2020)]

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