A U.S. Court of Appeals for the Fifth Circuit panel appeared skeptical during oral arguments in which conservative states and Texas-based energy interests sought to reverse a district judge’s order upholding an environmental, governance, and social (ESG) rule in an Administrative Procedure Act (APA) case. The states also have asked the Fifth Circuit to remand the case and vacate the
The U.S. Court of Appeals for the Fifth Circuit has ruled in favor of Christian-owned businesses and individuals who sued over the Affordable Care Act (ACA) preventive care mandates. The appellate Court agreed with the district court that the federal task force that recommended mandated preventive care services was unconstitutional.
However, the Fifth Circuit lifted the district court’s nationwide injunction
The Internal Revenue Service (IRS) recently issued Notice 2024-55, which concerns exceptions to the 10% additional tax under section 72(t) of the Internal Revenue Code (the Code). These exceptions include emergency personal expenses and domestic abuse victim distributions from qualified retirement plans.
Section 72(t)(1) imposes an additional 10% tax on a distribution from qualified retirement plans unless the distribution
A federal district court has rejected a bid by healthcare providers to enforce independent dispute resolution (IDR) awards against an insurer under the No Surprises Act (NSA). The case is Guardian Flight LLC v. Health Care Serv. Corp., 2024 WL 2786913 (N.D. Tex. 2024).
Guardian Flight LLC, an air ambulance service provider, sued an insurer after it refused to pay a certified
A California federal district court judge has dismissed a novel proposed class action suit against HP involving the company’s alleged misuse of 401(k) funds forfeited by former workers. The judge reasoned that nothing in federal benefits law compelled HP to use the funds for plan expenses rather than to reduce its employer contributions. The case is Hutchins v. HP Inc.
Five pharmacy industry groups have filed an amicus brief supporting the Oklahoma insurance commissioner’s petition for a writ of certiorari to the U.S. Supreme Court concerning a recent Tenth Circuit decision. That ruling partially invalidated a state law regulating pharmacy benefit managers (PBMs). The case is Glen Mulready et al. v. Pharmaceutical Care Management Association, case number 23-1213, U.S. Supreme
Former plan participants in the Credit Union Retirement Plan Association (CURPA) multi-employer 401(k) plan have reached a deal to settle an ERISA suit over excessive fees. The case is Lucero, Brenda et al. v. Credit Union Retirement Plan Association et al., case number 3:22-cv-00208, U.S. District Court for the Western District of Wisconsin.
CURPA, a Wisconsin-based professional employer organization, provides
Novel ERISA Suit Challenging Employer’s Use of Forfeited 401(k) Funds Moves Forward
In the first suit of its kind, a California federal district court judge refused to dismiss a suit against Qualcomm Inc. by retired workers, who alleged that the company had misspent forfeited 401(k) funds obtained when workers left the company before the employer match to their 401(k) plan
Tesla’s general counsel has announced that its shareholders recently approved a multibillion-dollar compensation package for its CEO, Elon Musk. The shareholders also approved moving the company’s incorporation from Delaware to Texas.
Nonetheless, Musk’s compensation package remains an issue in ongoing litigation in Delaware. Earlier this year, the Delaware Court of Chancery rejected Musk’s proposed compensation package based on disclosure failures,
A media company has settled a class action lawsuit in which its workers alleged that it failed to negotiate lower investment expenses or properly monitor investment options. Workers at Aegis Media Americas Inc., which Japanese international marketing firm Dentsu owns, accused it of violating its fiduciary duty under the Employment Retirement Income Security Act (ERISA) concerning the workers’ $540 million