Jerry Kalish has a terrific post, drawing on a law firm white paper, about the potential ERISA liabilities of financial advisors and others who manage or otherwise help to run company 401(k) plans. As he discusses, class action lawsuits are being filed alleging ERISA violations in the operation of such plans; the suits stem
401(k) Plans
ERISA and Retirement Benefits
By Stephen Rosenberg on
Freddie Mac’s Stock Drops, then Settles
By Stephen Rosenberg on
Posted in 401(k) Plans
The mortgage giant Freddie Mac has now agreed to a settlement of claims against it stemming from the effect of questionable accounting on the stock holdings of employees enrolled in its 401(k) plan. As Stephen Taub nicely sums it up:
Freddie Mac agreed to pay $4.65 million to settle a class-action lawsuit brought under the
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Stock-Drop Suits
By Stephen Rosenberg on
Posted in 401(k) Plans, Retirement Benefits
Nice informative story out of the National Law Journal on the so-called stock-drop suits, which allege breaches of fiduciary duty under ERISA by trustees charged with managing company 401(k) plans. The lawsuits in question were “filed on behalf of employees who lost money in their 401(k) and other retirement plans because of the declining price…
401(k)s and ERISA
By Stephen Rosenberg on
Posted in 401(k) Plans, Fiduciaries
A terrific paper on the application of ERISA and its fiduciary duty standards to 401(k) plans and to the people who run them is available free right now from the ABA. As employee benefit plans, these retirement plans are within ERISA’s ambit and the companies and individuals who operate them are subject to the fiduciary…