SAN DIEGO – Punitive damages aren't allowed under the EmployeeRetirement Income Security Act, so whoever came up with “401(k) FeeLawsuits: The Next Tobacco?” as the title for a Sunday afternoonworkshop at the 2015 NAPA Summit was aiming for titillation.
On the other hand, the 10 largest class-action settlements inclaims brought under ERISA topped $1.3 billionin 2014, almost 10 times the sum of the biggest settlements fromthe previous year.
In two of the biggest, a $480 million settlement was reached inAugust in a class-action filed by retired UAW workers, while a $415million settlement was announced the following month in a caseagainst ING Life Insurance & Annuity Co.
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