What High Court Ruling Means For ERISA Class Claims

By Nancy Ross and Jed Glickstein (January 28, 2022, 4:20 PM EST) -- The Employee Retirement Income Security Act requires administrators of employer-sponsored plans to act prudently when selecting investment options and other services.

In recent years, plaintiffs lawyers have filed a torrent of cases alleging that 401(k) and 403(b) plan administrators violated this duty by incurring excessive costs or selecting improper investments. These putative class actions routinely seek tens or hundreds of millions of dollars in damages, and are expensive to litigate and insure against.

Often, courts dismiss ERISA fiduciary duty claims for relying on a mix of hindsight allegations, inapt comparisons and conjecture.

That a particular service provider charged $50 per person...

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