So two stories today give me a soapbox to address one aspect of ERISA class action litigation and the push back from plan sponsors and their fiduciary liability insurers against the costs imposed on them by this line of litigation. One story, which to protect the innocent I won’t otherwise identify, involves court approval of
The Washington Post has a fascinating article today on the operation of the NFL’s disability claim system for addressing benefits due for neurological impacts from professional football. Although likely behind a paywall, the article is certainly worth a read. Its point is really that the system, which is the outcome of a negotiated class action
Jacklyn Wille of Bloomberg Law, who by now knows more about ERISA litigation than most ERISA litigators, has an interesting article out (you can find it here; subscription may be required), concerning court approval of a “$1.7 million class settlement benefiting participants in an Advance Auto Parts Inc. subsidiary’s retirement plan . . .
This is a fascinating story of risk management and the commodification of ERISA class action litigation. It’s the story of a $2.45 million settlement of a class action concerning the alleged use of outdated mortality tables in a pension plan. For many years, including by me in this blog, ERISA lawyers and commentators have been
This is a great story in Plan Adviser on the past and future of ERISA litigation over 401(k) plans. It’s a fun and short read, neither of which is normally true of articles on this subject. That’s a little tongue in cheek, but that phenomenon is nobody’s fault: when I have written on the subject
I didn’t intend to write a second post (here’s the first) on the ever rising tide of excessive fee litigation, but the LinkedIn algorithm, responding to my posting of my first blog post on this issue, hand delivered me another great graphic, this one by Sompo International, on the same topic. What I
This is a great and well-illustrated presentation by Chubb on the history of excessive fee litigation against sponsors of defined contribution retirement plans, on the pace of filings, on the types and sizes of plans that are being sued and on settlements of those claims. What you can see in the data is something that
Interestingly enough, the Supreme Court’s decision last week in Montanile v. Board of Trustees of the National Elevator Industry Health Benefit Plan is about the least complicated ERISA decision any court has issued in years. You know how I know that? The number of posts, tweets and articles published within days by law firms and
This is so simple, its brilliant, and so brilliant, its simple – or something like that. The “this” I am talking about is the idea of appointing a Chief Retirement Officer, or CRO, as is discussed – and proposed – in Steff Chalk’s article, “The Advent of the Chief Retirement Officer,” in the
When you read in the paper about a large settlement in an excessive fee case or other claim involving a 401(k), ESOP or other ERISA governed plan, do you think about what happens next, and about how to distribute the money among the plan participants? I do, in cases where I have represented the class