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Article

Jones Day | USA | 1 Jun 2011

Bankruptcy claims traders beware: ensure that the cure comes with the claim

Over the past five years, courts have issued rulings of potential concern to buyers of distressed debt.

Article

Haynes and Boone LLP | USA | 19 Apr 2011

Seventh Circuit provides defined contribution plan fiduciaries with guidance on prudence and a reason to pause

The U.S. Seventh Circuit Court of Appeals recently issued its opinion in George v. Kraft Foods Global, Inc., No. 10-1469 (7th Cir. April 2011), impacting fiduciaries to defined contribution retirement plans such as 401(k) plans.

Article

McDermott Will & Emery | USA | 14 Apr 2011

Seventh Circuit reverses summary judgment in kraft ERISA "excessive fees" case

On April 11, 2011, a divided Seventh Circuit panel reversed summary judgment in favor of Kraft Foods Global, Inc. in a class action ERISA breach of fiduciary duty case involving “excessive fees” claims in connection with Kraft’s 401(k) plan.

Article

Proskauer Rose LLP | USA | 11 Apr 2011

Enforcement of oral agreements

In Central States, Southeast and Southwest Areas Pension Fund v. Auffenberg Ford, Inc., --- F.3d ---, 2011 WL 832937 (7th Cir. Mar. 11, 2011), the court held that an oral understanding, even if later committed to writing, cannot alter an employer’s written agreement to make contribution payments to a multiemployer fund.

Article

Proskauer Rose LLP | USA | 3 Nov 2010

Rulings, filings and settlements of interest

In Matschiner v. Hartford Life & Accident Ins. Co., 2010 WL 3910217 (8th Cir. Oct. 7, 2010), the Eighth Circuit applied the “plan documents rule” established by the Supreme Court in Kennedy v. Plan Administrator for DuPont Savings & Investment Plan, 129 S.Ct. 865 (2009), and concluded that Hartford properly paid benefits pursuant to a beneficiary designation form rather than a Nebraska state divorce decree that purported to divest the decedent’s ex-husband of his right to the benefits.

Article

Dorsey & Whitney LLP | USA | 30 Nov 2009

Eighth Circuit decision in Braden v Walmart lowers bar for 401k fee litigation

Last Wednesday, the Eighth Circuit Court of Appeals issued a decision (Braden v. Wal-Mart) that lowers the bar for class action attorneys to bring claims alleging that 401(k) plans charge and improperly disclose excessive fees.

Article

Katten Muchin Rosenman LLP | USA | 13 Mar 2009

Supreme Court to resolve circuit split regarding excessive fund advisor fees

On March 9, the U.S. Supreme Court granted certiorari in Jones v. Harris Associates L.P., 527 F.3d 627 (7th Cir. 2008).

Article

Seyfarth Shaw LLP | USA | 13 Mar 2009

United States Supreme Court to review standard for mutual fund advisory fees

On Monday, March 9, 2009, the United States Supreme Court granted the plaintiffs’ petition to review the case of Jones, Jerry N., et al. v. Harris Associates, L.P.

Article

Katten Muchin Rosenman LLP | USA | 18 Feb 2009

Seventh Circuit rules decisively for defendants in a “401(k) fee” case

On February 12, 2009, the U.S. Court of Appeals for the Seventh Circuit issued its opinion in Hecker v. Deere & Co.

Article

Cadwalader Wickersham & Taft LLP | USA | 30 Jan 2009

Recent circuit court equitable subordination decisions emphasize requirement that misconduct result in actual harm to other parties

In recent opinions, the United States Courts of Appeals for the Fifth and Seventh Circuits have revisited the doctrine of equitable subordination and have underscored the requirement that, before a court can equitably subordinate a creditor's claim, the court must find that other creditors have been harmed by the actions of the creditor.

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