gavel The Checksmart lawsuitgarnered attention because it involved a more modestly sizedretirement plan, with less than 2,000 participants and roughly $25million in assets. (Photo: Shutterstock)

In July 2016, Enrique Bernaola filed a putative class-action lawsuit against his employer,Checksmart Financial, LLC., and others, underthe 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 toprovide the appropriate amount of passively managed mutual funds asinvestment options under the plan, resulting in excessively highinvestment fees being charged to the plan and its participants.

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