Survey Reveals Growth in Fiduciary Lawsuits

PensionLitigation.com just released the results of its survey of lawsuits in the pension arena. The study's findings include the following:

• ERISA lawsuits are increasing in number and complexity in terms of combinations of allegations.
• The most common allegations appearing in the complaints under the broad category of breach of fiduciary duty by their ranking included (1) failure to adhere to plan documents and (3) imprudent conduct.
• Nearly every case in the PensionLitigationData.com database is categorized as including an allegation of fiduciary breach.
• ERISA litigation volume was highest for the 2nd, 3rd and 6th federal circuit courts. A majority of ERISA-related lawsuits settled out of court.
• Some legal venues favored plaintiffs in terms of the reported outcome.

The need for uniform standards of practice has never been more clear than revealed in the survey. IFLC's advocacy of standards for the fiduciary community comes at a time of intense need among investors in all categories. In times of chaos, investors suffer where there is a lack of standards.

IFLC Contact:
Deanna Bond - Member Services