Legal

The ERISA Industry Committee, along with two other industry groups, is seeking the dismissal of the drugmaker’s PRT class action lawsuit over the transfer of its pension plan to Athene Annuity, alleging a breach of fiduciary duties.

The banking giant has been hit with a class action lawsuit, alleging it used retirement plan contributions from departing employees to “offset its employer contributions” rather than reducing plan administrative fees, violating ERISA.

On Wednesday, the justices were divided on the class action lawsuit on behalf of 28,000 Cornell University employees accusing the school's retirement plans of paying excessive recordkeeping fees.

Trillion dollar asset manager Northern Trust has also quit Climate Action 100+, an investor-led initiative of financial institutions, as pushback over ESG investing continues.

In addition to the $40 million Vanguard agreed to pay to investors as part of a class action suit in November, the SEC now finds that the firm did not provide retail investors accurate information about the capital gains and tax implications of a change to investment minimums.

In the latest Securities and Exchange Commission off-channel communications sweep, 12 firms will pay hefty fines because they used unapproved communication methods, such as WhatsApp, and failed to properly keep records.

The online trading firm has agreed to settle the Securities and Exchange Commission fines, related to 10 violations, including failures to report suspicious activity in a timely manner, implement adequate identity theft protections and provide “blue sheet data” to the SEC.

A federal judge has dismissed – for the second time – a lawsuit against Bechtel Global that alleged the $5.7 billion plan's default managed account investment led to excessive fees and subpar returns, arguing that a target date fund would have been a better alternative.