"[T]he Court of Appeals addressed three issues: [1] whether the court has appellate jurisdiction to review the district court's order denying Defendants' motion to dismiss; [2] whether the class action waiver in the ESOP plan arbitration provision is unenforceable or invalid; and [3] whether the remaining portion of the arbitration provision is unenforceable in the absence of the class action waiver." [Henry v. Wilmington Trust NA, No. 21-2801 (3d Cir. June 30, 2023)]  MORE >>

"The allegations in a new excessive fee suit are familiar -- but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed." [Zimmerman v. Cedars-Sinai Med. Ctr., No. 23-1124 (C.D. Cal. complaint filed Jun. 13, 2023)]  MORE >>

"A Connecticut federal jury delivered a verdict ... deciding the class action lawsuit brought in 2016 against the $5.5 billion retirement plan Yale University 403(b) retirement plan -- ruling the school mismanaged the plan but caused no losses to plan participants, according to the verdict." [Vellali v. Yale Univ., No. 16-1345 (D. Conn. Jun. 28, 2023)]  MORE >>

"PBGC should better document its analysis of potential application issues and management concurrence regarding the resolution of those issues to better ensure management oversight. Second, to improve PBGC's ability to detect discrepancies in plan calculations for suspended benefits and a plan's reported Contribution Base Unit (CBU) history, the Corporation should develop and implement additional controls to assess (a) plan calculations for previously suspended benefits and (b) a plan's reported CBU history."  MORE >>

"[T]he PACE Industry Union-Management Pension Fund ... based in Nashville, Tennessee, covers 64,522 participants in the manufacturing industry. The PACE Industry Plan will receive approximately $1.3 billion in special financial assistance ... The plan was projected to run out of money in 2034."  MORE >>

"[T]he IBEW Local Union No. 237 Pension Plan ... based in Niagara Falls, New York, covers 430 participants in the construction industry. On July 1, 2020, [the] Plan implemented a benefit suspension under the terms of [MPRA] ... [which] reduced benefits of about 330 plan participants.... The plan will receive $32.2 million in SFA, including interest to the expected date of payment to the plan."  MORE >>