Case: Retirement Plans/Class Actions (D.N.J.)

A majority of proposed class-action claims by former employees of Verisk Analytics subsidiary Insurance Services Office survived a motion to dismiss in the U.S. District Court for the District of New Jersey. Insurance Services’ retirement plan committee must face claims that it acted imprudently under ERISA when it allegedly filled the $1.6 billion retirement plan with expensive, actively managed mutual funds without properly considering lower cost options, the court said in an unpublished opinion. It also declined to dismiss a challenge to the plan’s annual recordkeeping fees. However, it dismissed a claim based on fiduciary disloyalty. The plaintiffs claim that ...