A federal district court in Illinois recently dismissed “excessive fee” and “imprudent investment” claims against the plan fiduciaries of the CareerBuilder 401(k) plan fiduciaries, relying largely on the Seventh Circuit’s decision in Divane v. Northwestern University, 953 F.3d 980 (7th Cir. 2020). (Our blog on the Divane decision is available here.) In the case against … Continue Reading
A federal district court in California granted defendants’ motion to dismiss claims asserted by Chevron 401(k) plan participants that the plan fiduciaries breached their ERISA fiduciary duties by selecting underperforming investment options and permitting the plan to pay excessive fees. As a preliminary matter, the court dismissed plaintiffs’ duty of loyalty claims because they failed … Continue Reading
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