What is the name of your state (only U.S. law)? MN
Just wondering if anyone knows if it is possible to file a lawsuit against a pension plan administrator for failure to exercise fiduciary responsiblity? The plan administrator is in another state.
In 2007, several pension plans filed lawsuits against a major bank due to subprime losses in bond funds. I believe these were ERISA lawsuits. As I am in a 401a local government pension plan, I cannot join any of these class action lawsuits.
The pension plan uses this same bank as in the ERISA lawsuits to manage its bond portfolio. The facts and circumstances are basically the same as alleged in these lawsuits. I do know at least one State pension fund (non-ERISA) did settle with this bank (does me little good though).
I feel the pension plan failed to monitor the actions of the bank and has failed to protect the interests of the pension plan participants by pursuing legal recourse against the bank.
Any advice as to whether I would have a case and if it came to filing a lawsuit, would this have to be done in my state or the state the pension fund in located in?
Any advice is appreciated.What is the name of your state (only U.S. law)?
Just wondering if anyone knows if it is possible to file a lawsuit against a pension plan administrator for failure to exercise fiduciary responsiblity? The plan administrator is in another state.
In 2007, several pension plans filed lawsuits against a major bank due to subprime losses in bond funds. I believe these were ERISA lawsuits. As I am in a 401a local government pension plan, I cannot join any of these class action lawsuits.
The pension plan uses this same bank as in the ERISA lawsuits to manage its bond portfolio. The facts and circumstances are basically the same as alleged in these lawsuits. I do know at least one State pension fund (non-ERISA) did settle with this bank (does me little good though).
I feel the pension plan failed to monitor the actions of the bank and has failed to protect the interests of the pension plan participants by pursuing legal recourse against the bank.
Any advice as to whether I would have a case and if it came to filing a lawsuit, would this have to be done in my state or the state the pension fund in located in?
Any advice is appreciated.What is the name of your state (only U.S. law)?