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Fiduciaries Fail to Stop Class Action Over Fees for Retirement, Health Plans

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Retirement, Health Plans Fiduciary Fails to Stop Class Action Over Fees | Texas Lawyer
















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https://www.law.com/texaslawyer/2024/07/16/fiduciaries-fail-to-stop-class-action-over-fees-for-retirement-health-plans/

Retirement funds graphic Credit: Adobe Stock

The trial court did not abuse its discretion in certifying the class action, but on remand should allow non-party potential plaintiffs to opt out, the U.S. Fifth Circuit ruled.

July 16, 2024 at 04:00 PM

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What You Need to Know

  • Fiduciaries for retirement and health plans were unable to dissolve a class action certification on appeal.
  • Plaintiffs allege they were charged excessive fees on 401k and health plans in violation of ERISA.
  • The U.S. Fifth Circuit ruled the trial court did not abuse its discretion on standing but gave direction on how to proceed.

A team of California and Texas law firms overcame a challenge to a certified class action against fiduciaries for about 300,000 participants in retirement, health and fringe benefits plans.

The class action seeks to disgorge Fringe Benefit Group companies of “ill-gotten profits” realized through excessive fees charges against employees that contributed to the plans through their employer, according to the opinion authored by Circuit Judge Carl E. Stewart of the U.S. Court of Appeals for the Fifth Circuit.

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