As plan sponsors and fiduciaries cope with the increased volume of class action Employee Retirement Income Security Act (ERISA) lawsuits, some have considered the prospects of reducing.
Kansas City-based DST Systems Inc. was ordered in 2021 to pay tens of millions of dollars to employees, who claimed the company concentrated “an enormous and imprudent” amount of its profit-sharing plan in a single pharmaceutical stock. A federal appeals court has sent the cases back for a lower court to determine.
A New York federal judge refused to let investment manager Ruane Cunniff & Goldfarb Inc. and information processor DST Systems Inc. out of a federal benefits lawsuit, ruling the companies must face the U.S. Department of Labor's claims that they mishandled employees' retirement savings.
Takeaways - The Supreme Court heard arguments in December 2021 in a case that could raise the bar for pleading ERISA fiduciary claims. A split developed in.
On Sept. 10, the U.S. Court of Appeals for the Seventh Circuit ruled in Smith v. Board of Directors of Triad Manufacturing Inc. that an employee stock ownership plan's arbitration provision.