Three class actions suits against JPMorgan Chase, alleging that some 300,000 participants in its 401(k) plan were ill-served by plan fiduciaries, have been joined by a New York federal court judge.
The suits allege that the JPMorgan Chase plan’s fiduciaries failed to use their expertise and the plan’s bargaining power to secure lower fees on the investment options in the plan.
The paves the way for the suits’ attorneys to complete a settlement agreement and to submit a motion for its preliminary approval by May 22, according to the National Association of Plan Advisors.
According to the association's website, several other large financial services companies have agreed to settle suits making similar claims, including SunTrust ($29 million), SEI ($6.8 million), MFS ($6.875 million), Eaton Vance ($3.45 million), Franklin Templeton ($4.3 million), BB&T ($24 million), Jackson National ($4.5 million), Deutsche Bank ($21.9 million), Alllianz ($12 million) and TIAA ($5 million).
In other cases, including those involving American Century and CenturyLink, defendants went to court and won, according to NAPA.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
