How small- and mid-sized businesses can protect themselves from ERISA class action lawsuits
A recent decision in a high-profile ERISA lawsuit offers two key insights to businesses hoping to protect themselves from similar action.
By Michael Khalil|October 05, 2018 at 10:36 AM
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In July 2016, Enrique Bernaola filed a putative class-action lawsuit against his employer, Checksmart Financial, LLC., and others, under the Employee Retirement Income Security Act (ERISA). Mr. Bernaola, who participated in Checksmart’s retirement plan for its employees, sued the defendants, alleging that they violated their fiduciary duties under ERISA by failing to provide the appropriate amount of passively managed mutual funds as investment options under the plan, resulting in excessively high investment fees being charged to the plan and its participants.
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