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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
