In a recent development in the ongoing ERISA dispute, a former partner at Husch Blackwell LLP has requested that a Missouri federal court deny the firm’s motion for summary judgment. The attorney argues that the case, centered on employee retirement benefits, requires further discovery to proceed effectively. This pushback is part of a proposed class…
“`html The United States Supreme Court is set to deliberate on several intriguing cases, ranging from pension fund eligibility to issues of federal district court jurisdiction over pre-enforcement challenges, signaling potential shifts in significant areas of law. One of the cases under scrutiny examines whether a multiemployer pension plan, specifically involving the Bakery Drivers Local…
The advent of artificial intelligence in managing employee retirement plans has brought both innovations and potential legal challenges, particularly concerning compliance with the Employee Retirement Income Security Act (ERISA). As AI tools gain popularity for their ability to handle vast datasets and identify trends that human fiduciaries might miss, these technologies also introduce new complexities…
Holland & Knight LLP has made a strategic addition to its team by hiring a former partner from Katten Muchin Rosenman LLP. This new hire specializes in the Employee Retirement Income Security Act (ERISA), employee benefits, and executive compensation, enhancing Holland & Knight’s capabilities in these areas. According to a report by Law360, the move…
Holland & Knight has announced the addition of benefits lawyer Katrina Selengut to its New York office, a strategic move to bolster its expertise in employee benefits and executive compensation. Selengut, a seasoned professional in her field, previously worked at Katten Muchin Rosenman LLP. Her transition to Holland & Knight marks a significant step in…
The Department of Labor (DOL) has provided guidelines to ease the path for 401(k) fiduciaries considering alternative assets, aiming to clarify the bounds within which these investments can be included in retirement plans. These guidelines are designed to help fiduciaries better understand how alternative investments, such as private equity, can be incorporated into plans responsibly….
Cigna Corp. faces continued legal scrutiny over its 401(k) management practices, as the US Supreme Court deliberates on the standards for fiduciary duty in retirement plan management. Despite Cigna’s efforts to pause the lawsuit, a federal judge has ruled the case will proceed while the high court’s decision is pending. This legal battle underscores the…
In the rapidly evolving landscape of retirement plan management, recordkeeper security guarantees are emerging as a potential source of liability for plan sponsors. As cyber threats become increasingly sophisticated, recordkeepers offer these guarantees to protect client data. However, such offerings might pose significant risks, particularly concerning fiduciary duties under the Employee Retirement Income Security Act…
The landscape of investment options within 401(k) plans is under scrutiny as new legal battles emerge over the inclusion of private equity assets. A prominent lawyer is championing a fight that could reshape the future of retirement savings. This battle highlights the complex intersection of employee benefits law and fiduciary duties, raising questions about the…
In a noteworthy legal development, the litigation surrounding American Airlines’ 401(k) plan and its inclusion of Environmental, Social, and Governance (ESG) investments has culminated in a $4.6 million fee for the involved attorneys. This fee emerges from a settlement in a case scrutinizing the fiduciary responsibility of the airline concerning its employees’ retirement savings and…
As courts intensify their examination of fiduciary processes under the Employee Retirement Income Security Act (ERISA), legal professionals must brace for increased scrutiny concerning how retirement plans are managed. Recent decisions underscore the necessity for fiduciaries to meticulously document their decision-making processes and maintain compliance with ERISA standards. The stakes have been raised following several…
Cedars-Sinai Medical Center has received judicial approval for a $2.97 million settlement concerning allegations related to its retirement plan management. The accord resolves claims that the medical center failed in its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by engaging in imprudent practices surrounding the administration of 403(b) plans offered to its…
A recent lawsuit filed in the U.S. District Court for the Western District of Missouri alleges that prominent law firms Husch Blackwell, Morrison & Foerster, and Nelson Mullins provided misleading advice to a venture capital firm regarding securities law compliance. The suit claims that the firms’ guidance led to significant financial losses for the plaintiff….
During Tuesday’s proceedings in the case of M&K Employee Solutions v Trustees of the IAM National Pension Fund, the U.S. Supreme Court justices exhibited skepticism about mandating actuaries to adhere to outdated assumptions for assessing liabilities in multiemployer pension plans. This case involves multiemployer pension plans, which contrast significantly with the more common defined-contribution plans…
The U.S. Supreme Court’s recent session saw significant developments as the court issued rulings on several long-pending cases, effectively resolving the persistent and complex hold known as the “relist logjam.” As reported by SCOTUSblog, the Court granted certiorari to four notable cases, all one-time relists, in its final conference of the October 2025-26 term. Among…
In a pivotal decision, the Eleventh Circuit Court of Appeals has affirmed a lower court’s ruling, refusing to enforce an individual arbitration clause in a lawsuit concerning the alleged undervaluation of shares within a legal technology company’s employee stock ownership plan (ESOP). This judgment, highlighted in Law360, underscores the judiciary’s scrutiny over arbitration provisions that…
In a significant legal development, Wells Fargo has secured preliminary approval for an $84 million settlement addressing allegations related to its employee stock ownership plan. The lawsuit accused the financial institution of breaching its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by investing participants’ retirement savings in the bank’s own underperforming stock….
Recent discussions in legal and political circles have placed the spotlight on concerns surrounding the Employee Retirement Income Security Act (ERISA) and its litigation processes. A group of House Republicans and legal experts has raised alarms regarding what they perceive as potential abuse of ERISA-related litigation by plaintiffs. They argue that some lawsuits may exploit…
In a recent legal skirmish, Husch Blackwell LLP has responded assertively to accusations leveled by a former partner, who alleged that the firm violated the Employee Retirement Income Security Act (ERISA). The legal contention arose when the ex-partner claimed improper withholding of retirement contributions, mischaracterizing these as participant inputs rather than identifying them correctly as…
The U.S. Department of Labor has submitted a motion to the Fifth Circuit to dismiss appeals related to Biden-era investment advice regulations, which had broadened the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA). These regulations, which sought to ensure greater fiduciary accountability, were initially blocked by two Texas courts in…
Husch Blackwell LLP is currently engaged in a legal defense concerning its 401(k) plan management after a lawsuit was filed by former partner Jerome A. McCluskey. The ex-partner alleges that the firm mishandled its retirement plan offerings, leading to excessive fees and financial mismanagement. The firm, however, maintains that its 401(k) processes comply with all…
The recent foray of private equity firms into the lucrative realm of 401(k) plans is set to create an unexpected financial beneficiary: high-earning lawyers. These legal professionals are positioned to profit significantly as private equity expands its footprint in the retirement savings industry, translating into more complex legal needs and thus, increased demand for specialized…
Wells Fargo has agreed to an $84 million settlement to resolve claims in an Employee Retirement Income Security Act (ERISA) class action lawsuit, marking a significant development in the bank’s legal journey. This suit alleged that the company mishandled its employee 401(k) plan by retaining high-cost, poorly performing investment options, negatively impacting employee retirement savings….
The European Court of Human Rights (ECtHR) recently mandated that Russia compensate Georgia over 253 million euros, attributable to human rights violations stemming from the Russian “borderisation” process in Abkhazia and South Ossetia, regions in conflict with Georgia. This development is part of a protracted legal struggle over accountability for actions contravening international human rights…
Simpson Thacher & Bartlett LLP is taking steps to navigate the nascent field of private equity investments within 401(k) retirement plans. Traditionally, private equity has been largely separated from individual retirement accounts, but shifts in financial regulations are paving the way for new opportunities. Part of this shift can be attributed to guidance from the…