Class Actions Alleging Excessive Fees Paid to Service Providers Remain the Marquee Fiduciary Liability Risk
Allegations of breach of fiduciary duty based on payment of higher-than-reasonable fees to ERISA plan service providers are becoming more common. In the past 18 months, at least 38 ERISA class actions have been filed. In the past, excessive-fee ERISA litigation targeted large plans with at least $2 billion in assets. Smaller ERISA plans are now being targeted and these class actions are expensive to defend. The insurance marketplace has not yet reacted negatively to growth of excessive-fee litigation. Insurers continue to offer attractive pricing and retentions for most buyers.
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