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BlackRock must face an Employee Retirement Income Security Act class action accusing it of costing workers and retirees millions in unreasonable 401(k) plan fees and bad investment decisions, after a California federal judge on Tuesday shot down the company's bid to win the suit ahead of a scheduled March 1 trial.
Federal court rejects BlackRock petition for summary judgment in ERISA case
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A U.S. District Court judge in San Francisco rejected BlackRock s petition for summary judgment against a former employee s complaint that the company s 401(k) plan fiduciaries breached their ERISA duties.
The class-action lawsuit, filed in April 2017, accused the fiduciaries of emphasizing proprietary products in the plan. The investment options, the complaint added, underperformed comparable funds and charged higher fees than these funds. The original complaint said 93% of plan assets were invested in BlackRock-affiliated funds.
Judges can grant summary judgment if there are no genuine disputes about material facts, allowing the judges to rule a matter of law, said the Tuesday opinion by Judge Haywood S. Gilliam Jr., citing guidelines of federal rules of civil procedure.
The trustee for PG&E wildfire victims urged a California federal judge Thursday to toss an appeal by Adventist Health, Comcast and others challenging the utility's bankruptcy plan, arguing that they failed to preserve their rights to challenge the plan and that finding otherwise would have a "catastrophic" effect on 80,000 victims.
Judge Benjamin Hayes knew the eyes of Los Angeles were on him. In January 1856, the hard-living judge presided over a hearing that would rock Los Angeles, a dusty, dangerous pueblo of approximately 4,000 souls. Out of the hearing would emerge Biddy Mason, a formerly enslaved woman who would become one of the most important and one of the wealthiest landowners, midwives and philanthropists in early-American Los Angeles.
Mason was so beloved that people in need would line up in front of her house on First Street, eager for Aunt Biddy s assistance, which she always gave until she grew too old and infirm. She showed people what could happen when they were free and could set their own destiny, says Jackie Broxton, executive director of the Biddy Mason Charitable Foundation.