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Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg

Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg November 17, 2018. By Anne Wallace.
Washington, DC When asked why he robbed banks, Willie Sutton reportedly replied, “Because that’s where the money is.” Now, however, roughly $5 trillion, or a fifth of all U.S. retirement assets, sit in 401(k) accounts. Today’s Willie Suttons are there, too, as recent ERISA lawsuits and criminal prosecutions confirm.
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Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement

Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement October 18, 2018. By Anne Wallace.
Boston, MA On October 10, 2018, participants in the Fidelity Retirement Savings Plan filed a class action ERISA pension plan lawsuit against the Plan’s fiduciaries. The Complaint alleges that the Plan fiduciaries breached their duties under ERISA, thus harming the Plan and its participants and beneficiaries.
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401(k) Lawsuit Continues against Franklin Templeton

401(k) Lawsuit Continues against Franklin Templeton October 15, 2018. By Anne Wallace.
San Francisco, CA An ERISA pension plan lawsuit has survived numerous procedural challenges and will proceed as a class action against investment manager Franklin Templeton. Fernandez v. Franklin Resources Inc. claims that the fiduciaries in charge of managing the Franklin Templeton 401(k) Plan breached their duty to plan participants by causing the Plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds choices were available. The motive was to benefit Franklin Templeton’s investment management business.
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Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit

Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit October 3, 2018. By Anne Wallace.
Boston, MAThe allegations in the latest excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) may seem familiar by now. It is about two different ways of calculating an account balance – one which the consumer saw, and the other, lower number, which DFCU kept much closer to the vest. Similar lawsuits have been filed against Landmark Credit Union, Summit Credit Union, Pentagon Federal Credit Union and Boeing Employees Credit Union.
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CFPB Moves to Protect Students from Overdraft Fees

CFPB Moves to Protect Students from Overdraft Fees August 28, 2018. By Anne Wallace.
Washington, DC On July 20, 2018, the Bureau of Consumer Financial Protection (CFPB) offered to settle its claim that TCF National Bank engaged in deceptive practices to market its overdraft protection services. In its bank overdraft fees lawsuit the CFPB alleged that these practices affected students at the University of Minnesota, with which TCF has a beneficial financial relationship. As their bright young things head off to college, should parents be concerned? Students and other inexperienced and lower income banking customers are particularly vulnerable to excessive overdraft fee schemes.
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Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate

Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate August 9, 2018. By Anne Wallace.
San Francisco, CA On July 24, 2018, the Ninth Circuit held that the plaintiffs in a pension plan lawsuit could continue their legal fight as a class action, rather than having to arbitrate individually.Munro v. University of Southern California is a major victory for ERISA plan participants who were required to sign individual arbitration agreements as a condition of employment. The Court likened these ERISA lawsuits to whistle blower lawsuits–essentially viewing the plaintiffs as public prosecutors acting in defense of the pension plan itself. This is a very broad argument that may ultimately have wider legal implications.
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Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled

Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled July 27, 2018. By Jane Mundy.
Washington, DC: You may have been charged excessive bank overdraft fees unknowingly. Or maybe you filed a bank overdraft fees lawsuit some time ago to fight back against the banks. If so, you may be able to make money from the banks, namely Bank of America, Wells Fargo, JPMorgan Chase and TCF National Bank.
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Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit

Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit July 9, 2018. By Anne Wallace.
Charlotte, NC In April 2018, Benjamin Reetz filed a class action ERISA lawsuit on behalf of himself and other participants in the Lowe’s 401(k) Plan. The lawsuit claims that Aon Hewitt, the plan’s investment advisor, lined its pockets by recommending one of its own poorly performing investment funds. Lowe’s then fell down on the job by failing to catch what Aon Hewitt was doing. Wait, you think, didn’t I read this before, but was it about Home Depot or maybe Invesco?
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Credit Union Lawsuit Cites Excessive Overdraft Fees

Credit Union Lawsuit Cites Excessive Overdraft Fees June 20, 2018. By Anne Wallace.
Madison, WI: In March 2018, Matthew Domann filed a class action lawsuit against Summit Credit Union alleging that since 2010, SCU has wrongfully charged overdraft fees to checking account customers throughout Wisconsin. The credit union lawsuit details a practice of placing “holds” on pending debit card transactions and deposits to artificially depress the account balances and then reordering the transactions to maximize the number of overdraft fees assessed.
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Invesco Accused of Treating ERISA Plan Participants as Captive Investors

Invesco Accused of Treating ERISA Plan Participants as Captive Investors June 13, 2018. By Anne Wallace.
Atlanta, GA On May 24,2018, participants in the Invesco 401(k) Plan filed an ERISA lawsuit in the Northern District of Georgia. The ERISA lawsuit contends that Invesco, Ltd. profited from the ERISA plan it offered to employees. The situation is rife with potential conflicts of interest because the employer, a plan fiduciary, is also an investment manager. Lest we lose track in this tangled web, self-dealing is against the law.
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