In the U.S. District Court for the Southern District of Ohio, a lawsuit was filed by plaintiff-participants Gregory Stark, William Gaff and Michael Lewin as representatives on behalf of participants in the $2.9 billion Keycorp 401(k) Savings Plan. The suit claims the fiduciary defendants did not monitor or control the Plan’s expenses for record-keeping and related administrative services, resulting in millions of dollars in excessive fees to the plan and the participants since the commencement of the statutory period.
Continuing, each of the three plan participants indicated they had been financially injured by the Defendants’ unlawful conduct and their account would be worth more in present day if the defendants did not violate ERISA as described herein.
Click here to read the lawsuit in full.
If you are a fiduciary involved in the management of an employee retirement plan, you can face personal exposure to claims alleging breach of fiduciary duty. Colonial Surety Company fiduciary liability insurance for plan sponsors in our ERISA fidelity bond packages, which come with an ERISA bond, fiduciary liability insurance, and cyber liability insurance. Cyber liability insurance protects the pension and the business from cyber breaches. Fully protect your plan, yourself, and your company all in one place, instantly online. Contact us today to get your coverage.