Plans sue to recover subprime investment losses

September 2008
Employee Benefit News;Sep2008, Vol. 22 Issue 11, p51
The article talks about the lawsuits filed in federal district court in the U.S. by a number of pension and 401(k) plans with assets invested in subprime mortgage obligations. In their lawsuits against Bear Stearns, Countrywide, State Street Bank and other plan sponsors, pensions and plans cite a provision of ERISA that holds fiduciaries liable for losses resulting from a breach of fiduciary responsibilities. A discussion of the class of lawsuits filed against subprime mortgage lenders is presented.


Related Articles

  • Deere dismissal not final word. Halonen, Doug // Pensions & Investments;1/25/2010, Vol. 38 Issue 2, p2 

    The article reports that U.S. Employee Retirement Income Security Act of 1974 (ERISA) attorneys have said that the Supreme Court's refusal to review a 401(k) fee lawsuit involving Deere & Co. and two Fidelity Investment units should not be interpreted as a sign favoring Deere and other plan...

  • Company Officers Exempted From Liability for Unpaid Contributions to Multiemployer Funds.  // Benefits Magazine;Nov2014, Vol. 51 Issue 11, p66 

    The article presents a court case in which the U.S. District Court for the Eastern District of Michigan claimed that the defendant officers of a financially struggling firm should not be liable for unpaid contributions to the plaintiff multiemployer benefit funds under the Employee Retirement...

  • 401(k) Nondiscrimination Tests Explained. Couch, Noel // Plan Advisor News;2014, p4 

    The article explains the basics of 401(k) plan nondiscrimination testing. Topics discussed include the tests required under the Employee Retirement Income Security Act (ERISA), the compensation used to determine whether an employee is a highly compensated employee (HCE), and the need for plan...

  • STATUTES, REGULATIONS, AND ERISA CASES.  // Family Advocate;Winter2011, Vol. 33 Issue 3, p40 

    The article presents a list of regulations and cases related to U.S. Employee Retirement Income Security Act (ERISA) including National Auto Dealers and Assoc. Retirement Trust v. Arbeitman, Hurwitz V. Sher, and Robins v. Geisel.

  • What (should) really scare plan sponsors. Carosa, Christopher // Benefits Selling;Oct2013, Vol. 11 Issue 10, p78 

    The article discusses how employees only care about their own personal retirement readiness at the end of their careers. It points out that the Employment Retirement Income Security Act (ERISA) does not require plan sponsors to include auto-enrollment or auto-escalation nor does it require its...

  • The road less taken. NADLER, MARK // Employee Benefit News;Jan2010, Vol. 24 Issue 1, p36 

    The article focuses on the importance of hiring a financial guardian to manage the responsibilities of a 401(k) plan including its administration and investment matters. It states that hiring a professional fiduciary can relieve shareholders of the need to allocate resources, spares the managers...

  • Avoiding 401(k) traps for employers. MEERMANN, ERIC // Westchester County Business Journal;8/19/2013, Vol. 49 Issue 33, p17 

    The article focuses on how employers, particularly small business owners, can avoid the trouble involved in offering 401(k) plans under the U.S. Employee Retirement Income Security Act (ERISA). It states that neglecting or ignoring certain requirements of ERISA can lead to disqualification of...

  • Nondiscrimination Tests.  // Plan Sponsor;Jan2015, p11 

    The article discusses the basics of nondiscrimination tests required by the Employee Retirement Income Security Act (ERISA) to prove that 401 (k) plans do not discriminate in favor of employees earning higher incomes. Topics discussed include division of employees for assessment between...

  • The Power of Data. Cornfield, Jill // Plan Sponsor;Jun2014, p1 

    The article focuses on the statement of Thomas Ryan of Fidelity Investments on discrimination in a 401(k) plan under the U.S. Employee Retirement Income Security Act (ERISA) which is not an issue in the area of participant communication. Topics include risk tolerance and confidence level as...


Read the Article


Sign out of this library

Other Topics