SAN DIEGO – Punitive damages aren't allowed under the Employee Retirement Income Security Act, so whoever came up with “401(k) Fee Lawsuits: The Next Tobacco?” as the title for a Sunday afternoon workshop at the 2015 NAPA Summit was aiming for titillation.
On the other hand, the 10 largest class-action settlements in claims brought under ERISA topped $1.3 billion in 2014, almost 10 times the sum of the biggest settlements from the previous year.
In two of the biggest, a $480 million settlement was reached in August in a class-action filed by retired UAW workers, while a $415 million settlement was announced the following month in a case against ING Life Insurance & Annuity Co.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.