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Volatility in Focus as Markets Swing on U.S., Global Headlines, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. In most litigation matters, it is extremely difficult practically impossible to predict how long it will take to resolve a particular case. 1519 Robert C. Blakes Sr Dr, 1st Floor Northern Trust is being sued by members of its 401(k) Thrift-Incentive Plan for allegedly breaching its fiduciary duties by loading the plan with poorly performing proprietary funds. Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? The complaint said that as of the end of 2016, TDFs held 21% of all 401(k) assets in the US, and that in 2018, at least $734 billion of retirement savings were invested in TDFs.

As a result, the plan kicked back payments to Prudential from the retirement savings of AutoZones employees in excessive amounts.. Our initial investigation has uncovered that Northern Trust may have made overly risky investment choices and failed to regularly monitor its employees 401k plan, causing employees to lose money in their retirement funds and suffer decreased employee benefits. ERISA governs various types of retirement plans including 401k plans. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, The Northern Trust Company employees receive several pension plans and other welfare benefits. All Rights Reserved. No Reproduction Without Prior Authorizations. The plan has more than $2 billion in assets under management (AUM), more than $350 million of which is invested in 11 Northern Trust Focus Funds, according to the lawsuit, which claims that the funds have underperformed 70% to 90% of their peer funds for nearly a decade.

Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. The plan is administered by the retirement board and savings plan committee of UBS. Northrop Grumman Pays $12.4 Million to Settle 401(k) Lawsuit, Princeton Settles Lawsuit over Excessive Retirement Plan Fees, Judge Dismisses Trader Joes ERISA Lawsuit, Tags: class action, ERISA, fiduciary, Focus Funds, lawsuit, Northern Trust, target date fund, Thrift-Incentive Plan, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Why do people leave their jobs? Prior Results do not guarantee a similar outcome. Every case is different, and we will do our best to provide you with an estimate based on your case and our experience with similar cases. Moreover, we will do our best to keep you updated and manage expectations along the way. The lawsuit also accuses Northern Trust of failing to regularly monitor the retirement plans investments and remove the ones that did not perform well. We have guided the worlds most successful individuals, families and institutions since 1889. If we take your case under a contingency fee arrangement, you wont owe our firm any legal fees unless we are able to recover money for you. If you are currently enrolled in Northern Trusts 401k plan or have been enrolled in the employee 401k plan since 2015, please contact the ERISA Attorneys at Peiffer Wolf Carr Kane & Conway for a FREE consultation by filling out a Contact Form or by calling 504-523-2434. PitchBooks data visualizations help you see a limited partners commitmentsshowing a breakdown of activity by fund type and region, complete with performance metrics. Head, Americas Benefits & Plan Administrator, Youre viewing 2 of 4 team members. The company chose these funds as the plans default investment option despite their poor performance, enriching itself at the expense of workers retirement savings, according to the complaint. 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. Copyright 2022 Asset International, Inc. All Rights Reserved. Use our tool to get a personalized report on your market worth. The Northern Trust Company serves as the trustee of the plan. Specifically, the defendants failed to monitor and to replace an obscenely overpriced Prudential stable value fund, the primary investment option to which GoalMaker allocated employees retirement savings; the defendants failed to monitor and replace high-cost GoalMaker funds when there was no reason to believe that their performance would justify their additional costs; and the defendants failed to monitor the plans fees and expenses, including excessive stable value fund spread fees, investment management fees, sub-account charges, transaction costs, distribution fees and administrative expenses, the suit says. The suit also said Northern Trust selected its Focus Funds as the plans default investment options, so if participants fail to make investment fund elections, they are automatically invested in one of the Northern Trust Focus Funds based on their age. According to the complaint, the company loaded the plan with poorly performing proprietary funds and then kept them on the plans investment menu despite their continued underperformance.. The firm has been added as a defendant in a lawsuit that challenges the use of Prudential's GoalMaker asset allocation solution. In an amended complaint, Northern Trust, along with other defendants, is accused of failing to monitor the fees and performance of the plans investments and the allegedly excessive fees paid to Prudential and other service providers. NEW ORLEANS | ROCHESTER | CLEVELAND | LOS ANGELES | SAN FRANCISCO | AUSTIN | ST. LOUIS | CHICAGO, Danny Chancellor and Brent Chancellor Investigation, Credit Suisse Greensill Capital Investigation, Toledo Public School System Data Breach Lawsuit, Securities Industry Employment Disputes, FUTURES ARBITRATION & COMMODITIES LITIGATION, OPTIONSELLERS AND INTL FC STONE LAWSUIT, Nursing Home and Assisted Living Injuries, EXACTECH KNEE AND ANKLE IMPLANT RECALL, Catholic Church and other Religious Institutions, Southern Baptist Convention Sexual Abuse, SHAREHOLDER RIGHTS / DERIVATIVE LITIGATION, Credit Suisses actions caused DGAZ to become completely dislocated from the index, How the Supreme Court decision on Roe v. Wade could affect the fertility industry, Police Chief Photoshopped a Latino Officers Head on a Jar of Hot Sauce, Lawsuit Alleges.

Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. What your skills are worth in the job market is constantly changing. The suit also notes the growing popularity of target-date funds to indicate that there were plenty of other investment choices available for the plan sponsors. Northern Trust may have breached its fiduciary duties by making unsuitable investments with employees 401k portfolios, potentially costing participants in its 401k plan thousands of dollars in lost retirement savings. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); We are a nationwide litigation law firm that represents individuals and entities who have been the victims of negligence, fraud or the misconduct of powerful interests. Northern Trust declined to give a comment on the amended lawsuit. Log in to access all of your BLAW products. Attorney Advertising. (504) 523-2434 We are smart, experienced, and dedicated professionals who work tirelessly for our clients and take pride in the pursuit of justice on their behalf. Our contingency fee agreements are usually based on a percentage of the amount we recover for our clients. Peiffer Wolf Carr Kane & Conway has represented thousands of clients, and we remain committed to fighting on behalf of Northern Trusts 401k plan participants. Northern Trusts Focus Funds are target-date funds (TDFs) intended to earn certain investment results based on an investors expected retirement date. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. (504) 608-1465. Hit follow for updates from Northern Trust, The Future Of Finance: This Bank Uses Blockchain And (Much) More To Stay Ahead, Finance Without New York: Here's How To Start Your Career In Global Finance Outside Of NYC, My Company Encouraged Me To Get A New JobAnd Im So Happy They Did. Learn more about a Bloomberg Law Subscription. Contact us today for a FREE consultation. No Reproduction Without Prior Authorizations. A spokesperson for Northern Trust said the company declined to comment on the lawsuit. Get the full list. Established in 1983, the plan provides retirement benefits to all eligible employees of UBS United States Operations, which includes UBS Securities, UBS, UBS Services, UBS O'Connor, UBS Alternative and Quantitative Investments, UBS Global Asset Management (Americas), UBS Realty Investors, UBS Americas, and Prediction Company. Despite a market flush with better-performing alternatives, defendants selected the Northern Trust Focus Funds to be the plans target-date asset class investment option.. Joe Peiffer, Responsible Attorney. Under ERISA, plan participants and beneficiaries may seek redress for breaches of fiduciary responsibility, denial of benefits, or failure to provide adequate disclosures of plan terms or benefit changes. Copyright 2022 Asset International, Inc. All Rights Reserved. The lawsuit says after AutoZone terminated the relationship with Northern Trust and hired a new investment adviser, the committee replaced GoalMaker with target-date funds (TDFs) and replaced the high-fee, actively managed GoalMaker funds with a core lineup of low-cost passive index funds. PitchBook provides insight into a limited partners preferred investments, including actual and target allocations by strategy, secondary market preferences and interest in first-time funds. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. The lawsuit claims that the Focus Funds have continued to underperform the Dow Jones US Target Date Index and S&P Target Date Index, and adds that the overall breadth and depth of the Northern Trust Focus Funds underperformance raises a plausible inference that defendants fund selection and monitoring process for the plan was tainted by a failure of competency or effort.. Northern Trust Sued for Allegedly Loading 401(K) with Proprietary Duds, Dalio, Making the Case for Pessimism, Has Thrived This Year by Selling Short, Canadian Pension Giant Makes Its First Foray Into Colombian Private Equity, MSCI Launches Global Real Estate Asset Index, CFA Signs Up 40 Firms to Follow Its Diversity, Equity and Inclusion Code, Allocators Still Skeptical That ESG Can Deliver Good Returns. Interns Get a Look Inside the Vault on their Tour of Northern Trusts History, 50 South La Salle Street, Chicago, IL 60603, 50 Bank Street, Canary Wharf, London, United Kingdom, City East Plaza, Towlerton, Ballysimon, Limerick, Ireland, V94 X2N9, Campus 1C, RMZ Ecospace, Sarjapur Outer Ring Road, Bangalore, India, 9 East 11th Drive Uptown Bonifacio, Taguig City, Metro Manila, Philippines. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. Since our roots as a trust bank, weve grown to a global presence with more than 22,000 employees in more than 20 countries across five core business units. 2022 PitchBook. All rights reserved. If you are currently enrolled in Northern Trusts 401k plan or have been enrolled in the employee 401k plan since 2014, Contact Us Today. Like The Northern Trust Company, numerous American employers sponsor group health coverage, through which a considerable percentage of Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning. 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. ERISA requires employers who sponsor retirement plans to act prudently, loyally, and with the highest regard for the interests of the employees who participate in the plans when it comes to selecting investment options and investing plan assets. Concerns about possible misconduct and mismanagement are serious, and we are committed to fighting on your behalf. Please call us or use our contact form to request a Free Case Evaluation. How long will it take to resolve my lawsuit? Peiffer Wolf Carr Kane & Conway has extensive experience representing plan participants and beneficiaries in claims where ERISA fiduciaries imprudently invested plan assets causing losses to the plan participants. The proposed class action, filed Tuesday in the U.S. District Court for the Northern District of Illinois, challenges a suite of target date funds called the Northern Trust Focus Funds. Northern Trust is a global leader in innovative wealth management, asset servicing and investment solutions. New Orleans, LA 70130 Win whats next. The contingency fee amount is determined by the type of case, our estimate of how long it will take to resolve your case, and our estimate of the litigation costs we will advance in your case. The lawsuit alleges that the retirement plan has lost as much as $34 million in retirement savings since 2014 because of the companys decision to retain the Focus Funds in the plan instead of removing them. Pennsylvania State Employees Credit Union. Each engagement agreement includes the details of the fee arrangement. 2022 The Bureau of National Affairs, Inc. 2022 The Bureau of National Affairs, Inc. All Rights Reserved, Northern Trust Sued Over Affiliated Funds in $2 Billion 401(k), Northern Trust Leans on Northwestern Case in Dinging 401(k) Suit. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. When employers breach their duties by investing plan assets imprudently, plan participants can seek to hold them accountable for losses the plan suffers as a result. Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. The funds were first offered to plan participants in 2013, and have target retirement dates ranging from 2010 to 2060, according to the suit, which said the Focus Funds are the only target-date retirement investing options available to plan participants. UBS 401(K) Plan Trust is a single-employer, defined-contribution corporate pension plan located in Stamford, Connecticut. Two participants in Northern Trust Co.'s $2.5 billion 401(k) plan filed a federal lawsuit in Chicago claiming plan participants lost tens of millions of dollars by investing in the companys underperforming target date funds. Northern Trust 401k Lawsuit | Thrift-Incentive Plan (TIP) Lawsuit. We handle cases that change lives. Northern Trust Accused of Fiduciary Breaches Related to AutoZone 401(k), Volatility in Focus as Markets Swing on U.S., Global Headlines, ERISA Complaint Alleges $751K Retirement Account Thievery, A Reminder to Avoid Fraudulent Hardship Withdrawals, Judge Moves Forward Claims in Lawsuit Against Schneider Electric, Resignation Stress Squeezes Governmental Employers, Too, DOLs ERISA Lawsuit Targets MEP Administrator, Hub International Announces Benefits SmartView Platform. The Northern Trust Company is an equal opportunity employer and affords equal opportunities to qualified individuals in all phases of employment. Contact Us by calling 504-523-2434 or by filling out an online Contact Form for a FREE Consultation. Questions about our fee agreements are welcomed and encouraged. Yes. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. This is a profile preview from the PitchBook Platform. Typically, we represent clients on contingency fee agreements. Northern Trust Corporation and Northern Trust, Inc., as investment fiduciaries, have been added as defendants in a lawsuit accusing AutoZone 401(k) plan fiduciaries of violating their Employee Retirement Income Security Act (ERISA) fiduciary duties by permitting Prudential to steer an excess of assets towards its own proprietary products via the GoalMaker asset-allocation solution.

Peiffer Wolf Carr Kane & Conway is investigating Northern Trusts employee 401k accounts /Thrift-Incentive Plan / Northern Trust Focus Target Retirement Trusts. The amended complaint suggests that AutoZone fiduciaries had concerns about the fees and performance of the GoalMaker funds but received bad advice from Northern Trust. The suit says Northern Trust had a vested interest in promoting high-fee, actively managed funds used by GoalMaker because it received approximately $1 million in fees a year from the active management of the assets of [AutoZones] pension plan, which created a conflict of interest for advising the investment committee on the use of actively managed funds for the 401(k) plan. We have a national team of attorneys and staff who look forward to speaking with you. Given their popularity, retirement plan fiduciaries have hundreds of different target-date funds to choose from when selecting target-date options for their plans, the complaint said. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); This field is for validation purposes and should be left unchanged. Northern Trust's Educational Assistance Program provides tuition reimbursement for employees wishing to pursue an undergrad or grad program.