The recent dismissal of a lawsuit against fiduciaries of Chevron Corp.’s 401(k) plan raises the question of whether the decision will be a forerunner for the barrage of similar litigation pending across the country.
Jason Roberts, CEO of the Pension Resource Institute and the Retirement Law Group, is hoping so.
“I’m pleased to see the court recognizing that costs in a vacuum are meaningless unless they are so far out of line to be considered outliers,” says Roberts. “That was simply not the case here.”
The decision
Judge Phyllis Hamilton, chief judge for the U.S. District Court for the Northern District of California, dismissed five claims brought under the Employee Retirement Income Security Act by participants in Chevron’s 401(k) plan.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
