Morin, et al v. Essentia Health:  A New Twist on Fee-based Cases against Plan Sponsors

Excessive Fee LawsuitA case recently filed in Minnesota took a unique approach to accusing a plan sponsor of charging participants excessive fees. Essentia Health and its subsidiary maintained two plans. One retirement plan established in 1965. The second was a 403(b) plan established in 2009. The original plan consisted of approximately 16,848 participants and $982 million in assets and was recordkept by BMO Harris. The 403(b) plan consisted of $103 million in assets and was recordkept by Lincoln Financial.[1] Continue reading

Excessive Fee Lawsuit Reaches Further

At the end of December, the St. Louis based law firm Schlichter, Bogard, & Denton filed yet another in what is becoming a long list of class action lawsuits against retirement plan sponsors. This lawsuit, however, caught the eye of many industry observers because it seems to be pushing the envelope of what a plan sponsor can be sued for further than seen before. Continue reading