Largest Ever ERISA Fee Settlement Reached

via Lockton Retirement Services Guidance

In a record setting $140,000,000 settlement, Nationwide Financial, the third largest writer of 401(k) plans, has put an end to a class action suit alleging it received undisclosed revenue sharing payments from mutual funds in violation of ERISA. After defending the case for more than 13 years, the settlement brings an end to one of the original revenue sharing cases, and provides yet more guidance on what plan fiduciaries should to to protect themselves.

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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