StockX Hack Shows Smaller Businesses Are Vulnerable to Cyber Attacks

The hacks and cyber-attacks you hear about usually involve giant companies like Equifax and Sony. But startup and smaller companies can be vulnerable as well, as shown by the StockX hack. StockX is an online sneaker selling platform that had...

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Small Businesses Aren’t Sure Who Should Handle Cybersecurity

One of the biggest impediments to implementing proper cybersecurity measures at small businesses is that those small businesses don't seem to have any idea who should be in charge of cybersecurity. According to Keeper Security's 2019 SMB Cyberthreat Study, 33%...

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Even If Your Information Doesn’t Seem Valuable, Cyber Attacks Will Still Steal It

You may think that the information you’re storing for your business or plan isn’t that valuable. You may not be storing things like credit card numbers or payment credentials, but cyber attackers will still attempt to breach your information and...

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Plan Fiduciaries Must Follow Plan Documents

This may sound like common sense but it does in fact need to be noted: according to IRS rules, a plan must operate according to its own plan document’s terms in order to maintain its tax status. If the plan...

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Legal and Approved Investments May Still Result in Fiduciary Liability

Plan funds and assets don’t have to be invested in an illegal manner in order for an investment to count as imprudent and a breach of a plan sponsor’s fiduciary duty to plan participants. Even legal, complaint investment products can be...

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Hidden Fees Can Make Plan Investments Imprudent

As a fiduciary, you may do everything by the book in choosing what to invest plan assets in. The investment may be safe, provide proper amounts of returns and not be overly risky. But there’s one thing that can derail...

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Excessive Fee Suits Against Plan Fiduciaries Becoming More Popular

An increasing number of 401(k) sponsors and providers of retirement products are seeing lawsuits against them alleging, among other things, excessive plan fees in violation of ERISA and therefore, a breach of the plan fiduciary’s fiduciary duty. The DOL can define certain...

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The Fiduciary Duty to Only Pay Reasonable Fees from ERISA Plan Assets

Plan sponsors may not realize this, but one of their numerous fiduciary duties is that they have a fiduciary duty to only pay reasonable and necessary fees from plan assets. The reason for this is that while slightly larger than necessary fees...

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Small Retirement Plans Seeing Increasing Fiduciary Breach Lawsuits

An excessive fee suit against a retirement plan holding $9 million in assets for 114 participants is being seen as the dawning of a new era in retirement plan fiduciary breach lawsuits. The suit, Damberg et al v. LaMettry’s Collision...

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Plan Fiduciaries Must Make “Prudent” Investments to Avoid Liability

Employee benefit plan fiduciaries have an obligation to make prudent investments to avoid a breach of fiduciary duty. Fiduciaries are personally liable for those damages the imprudent investments caused to plan participants. This is one of the simpler ERISA plan fiduciary duties...

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