The Checksmart lawsuit garnered attention because it involved a more modestly sized retirement plan, with less than 2,000 participants and roughly $25 million in assets. (Photo: Shutterstock)
In July 2016, Enrique Bernaola filed a putative class-action lawsuit against his employer, Checksmart Financial, LLC., and others, under the Employee Retirement Income Security Act (ERISA). Mr. Bernaola, who participated in Checksmart's retirement plan for its employees, sued the defendants, alleging that they violated their fiduciary duties under ERISA by failing to provide the appropriate amount of passively managed mutual funds as investment options under the plan, resulting in excessively high investment fees being charged to the plan and its participants.
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