In reconsidering the amended complaint, Judge Phyllis J.
a claim of breach of fiduciary duty by failing to monitor fiduciaries.įor their part, the defendants once again sought to dismiss the amended complaint for failure to state a claim. a claim of breach of duties of loyalty/prudence, and failure to comply with the IPS in connection with failing to remove the ARTVX Fund from the plan lineup before they did remove it andĦ. a claim of breach of duties of loyalty/prudence based on causing the plan to engage Vanguard as recordkeeper - alleged to be a “prohibited transaction” constituting an exchange of property between the Plan and a party in interest ĥ. a claim of breach of duties of loyalty/prudence based on excessive administrative fees charged by the Vanguard Group, Inc. a claim of breach of duties of loyalty/prudence based on unreasonable investment management fees ģ. a claim of breach of duties of loyalty/prudence, and failure to comply with the plan’s investment policy statement in selecting a money market fund instead of a “stable value fund ”Ģ. 4:16-cv-0793-PJH, 5/31/17, the plaintiffs assert six causes of action in the amended complaint:ġ. Last August the court granted defendants’ motion to dismiss the complaint for failure to state a claim, but allowed the plaintiffs to amend their complaint and repetition, which they did a month later. The suit claims that the plan’s investment policy statement (IPS) required the plan fiduciaries to “nderstand the risk and return characteristics of each investment option” in the plan and to offer one investment option that will “provide a high degree of safety and capital preservation.” The IPS also required the plan fiduciaries to “seek maximum current income … consistent with preservation of capital and liquidity.” Moreover, while the Chevron plan moved to lower-priced share classes in 2012, the suit claims that those options were available to the plan “many years” before the plan made those changes. Louis-based Schlichter, Bogard & Denton, challenges the $19 billion Chevron plan’s decision to offer the Vanguard Prime Money Market Fund, rather than a lower-cost and better-performing stable value fund. The original lawsuit, filed in February 2016 by St. Plaintiffs have fallen short in their second attempt to convince a federal judge of the merits of their case in an excessive fee class action suit.
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