A series of cases against fiduciaries of 401(k) plans that offer BlackRock Target Date Funds (TDFs) have been dismissed by district courts in recent months. In three recent cases, the district courts held that plaintiffs failed to allege any facts about the plan fiduciaries’ process for selecting and monitoring the BlackRock TDFs and that plaintiffs’ reliance on the BlackRock TDFs’ alleged underperformance alone was insufficient to state a claim for breach of fiduciary duty.
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About Author: Monica Novak
Monica Novak counsels tax-exempt and for-profit clients on the complex and diverse array of statutes and regulations that apply to employee benefit plans and executive compensation arrangements. She provides guidance and support in designing compliant benefit programs, and assists clients with corrective actions when appropriate to ensure ongoing legal compliance. Monica also represents clients in negotiating stock and asset purchase agreements and merger agreements, resolving potential benefit plan liabilities and integrating benefit plans in the aftermath of acquisitions. View all posts by Monica Novak, John W. Fogarty and Emily Kile-Maxwell
About Author: Emily Kile-Maxwell
Emily Kile-Maxwell litigates complex commercial and employee benefits (ERISA) disputes through all phases of litigation, including on appeal. Emily represents commercial clients, benefit plans and plan fiduciaries, third-party administrators, and insurance companies in disputes and litigation, and also advises clients on benefit claim administration, plan administration and plan design. View all posts by Monica Novak, John W. Fogarty and Emily Kile-Maxwell
