Bailey & Glasser, LLP partner and ERISA litigator Mark Boyko was quoted in Law360 and Bloomberg Law discussing a newly-issued federal 7th Circuit Court of Appeals ruling that may be beneficial to plaintiffs who must meet certain pleading standards to successfully pursue claims against retirement plans that breach their duties to make prudent investment decisions. As told to Bloomberg Law: “’That’s huge’, Boyko said, because a heightened pleading standard on a claim challenging recordkeeping fees would mean that a plan participant would have to do their own request for proposals for these services ‘long before filing their case.’ Instead, ‘it’s enough to show that other plans were able to get lower fees by taking steps plaintiffs plausibly allege the defendant could have done, and that other recordkeepers plausibly would have performed the same or comparable services for a lower price.'” Boyko and BG partner Gregory Porter are pioneers in this area and are currently litigating several cases across the country alleging employers imprudently managed the investments in their 401(k) plans.
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