The recent dismissal of a lawsuit against fiduciaries of Chevron Corp.’s 401(k) plan raises the question of whether the decision will be a forerunner for the barrage of similar litigation pending across the country.
Jason Roberts, CEO of the Pension Resource Institute and the Retirement Law Group, is hoping so.
“I’m pleased to see the court recognizing that costs in a vacuum are meaningless unless they are so far out of line to be considered outliers,” says Roberts. “That was simply not the case here.”
|The decision
Judge Phyllis Hamilton, chief judge for the U.S. District Court for the Northern District of California, dismissed five claims brought under the Employee Retirement Income Security Act by participants in Chevron’s 401(k) plan.
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