In a pair of report and recommendations issued the same day, a Magistrate Judge in Wisconsin recently recommended that the district court (i) grant motions for reconsideration of prior denials of motions to dismiss claims challenging defined contribution plans’ fees, and (ii) grant the motions to dismiss in their entirety. Underpinning the recommendations is the
Defined Contribution Plan Investment Litigation
Eighth Circuit Joins Growing Number of Courts Rejecting Common ERISA Fee and Investment Claims
By Myron Rumeld, Joseph Clark, Tulio Chirinos & Daniel Wesson on
In Matousek v. MidAmerican Energy Co., 2022 WL 6880771, __ F.4th __ (8th Cir. 2022), the Eighth Circuit joined the Sixth and Seventh Circuits in affirming dismissal of ERISA breach of fiduciary duty claims alleging that the plan fiduciaries allowed the plan to pay excessive recordkeeping and administrative fees and offered imprudent investment options.…
Two More District Courts Reject ERISA Fee and Performance Claims as Insufficient
By Tulio Chirinos & Sydney Juliano on
Two recent district court decisions add to the growing number of courts granting motions to dismiss putative ERISA class actions challenging defined contribution plan fees and investment performance. These decisions from the Eastern District of New York and the Eastern District of Wisconsin are the latest victories for defendants at the motion to dismiss stage…
Two District Courts in the Seventh Circuit Grapple with Pleading Standards in ERISA Excessive Fee Cases
By Daniel Wesson on
In Baumeister v. Exelon, No. 21-cv-6505, 2022 U.S. Dist. LEXIS 176711 (N.D. Ill. Sep. 22, 2022) and Coyer v. Univar Sols. USA Inc., No. 22-cv-362, 2022 U.S. Dist. LEXIS 175972 (N.D. Ill. Sep. 28, 2022), two Illinois district courts became the first courts in the Seventh Circuit to rule on motions to dismiss…