J. Christian Nemeth
Subscribe to J. Christian Nemeth's PostsJ. Christian (Chris) Nemeth provides legal counsel on complex commercial litigation and government investigations, including ERISA matters, financial and banking cases, business torts and breach of contract actions. Chris is the Co-Chair of the Firm’s ERISA Litigation group and works closely with the Firm’s Employee Benefits department on all types of Litigation matters, Department of Labor investigations and similar issues. Read Chris Nemeth's full bio.
Court of Appeals Affirms “Paternalistic” Breach of Fiduciary Duties
By Elizabeth M. Rowe and J. Christian Nemeth on Sep 13, 2018
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
The US Court of Appeals for the Eighth Circuit recently affirmed a Minnesota district court’s dismissal of a claim against Wells Fargo & Company (Wells Fargo) under ERISA. A former employee had alleged Wells Fargo breached fiduciary duties by retaining Wells Fargo’s own investment funds as a 401(k) option, and defaulting to those funds when...
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Brown University Only Partially Successful in 403(b) Lawsuit
By J. Christian Nemeth, Joseph K. Urwitz and Mary K. Samsa on Jul 24, 2018
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans
A federal judge in Rhode Island recently permitted several claims against Brown University to proceed in a lawsuit alleging that the university and its fiduciaries breached their fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended (ERISA), by mismanaging Brown’s defined contribution plans. This decision follows the recent decision in a...
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Northwestern University Defeats 403(b) Lawsuit
By J. Christian Nemeth and Joseph K. Urwitz on Jun 12, 2018
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans
A federal judge in the Northern District of Illinois recently dismissed a lawsuit against Northwestern University alleging that the University and its fiduciaries mismanaged its retirement and voluntary savings plans. This is the latest decision in a series of class action lawsuits against prominent universities in which plaintiffs allege fiduciary violations of the Employee Retirement...
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DOL Less Likely to Appeal Fifth Circuit Ruling Vacating Expansion of Fiduciary Rule in Light of Recent SEC Guidance
By Brian Tiemann, J. Christian Nemeth and Samantha Souza on Apr 26, 2018
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
In a recent 2-1 decision, the Fifth Court vacated the US Department of Labor’s controversial expansion of the ERISA fiduciary regulations (the New Fiduciary Rule). If the DOL does not seek a rehearing, the Fifth Circuit will enter a mandate revoking the New Fiduciary Rule nationwide. However, given recent fiduciary regulations proposed by the Securities...
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Webinar | Benefits Litigation – An Ounce of Prevention
By J. Christian Nemeth on Apr 25, 2018
Posted In Benefit Controversies, Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans
Join us for a webinar on Friday, May 4 as McDermott litigation attorney Chris Nemeth joins employee benefit attorney Judith Wethall to discuss what’s new in employee benefits litigation. Chris will give you a peek into a world you hope never to go! Learn about disturbing trends, traps and how to prevent your employee benefit...
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403(b) University Cases Move Forward: Cassell v. Vanderbilt University
By Chris C. Scheithauer and J. Christian Nemeth on Apr 24, 2018
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
A lawsuit against Vanderbilt University is moving forward based on allegations that the university and its fiduciaries mismanaged its retirement plan by paying excessive fees and maintaining poor investment options. In that lawsuit, Cassell v. Vanderbilt et al., plaintiffs filed a 160-page complaint alleging multiple violations of ERISA. Cassell v. Vanderbilt, No. 3:16-cv-02086 (M.D. Tenn....
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ESOP Litigation Trends: Department of Labor Voids Fiduciary Indemnification Agreements to Reach Settlements
By McDermott Will & Emery, Allison Wilkerson, J. Christian Nemeth and McDermott Will & Emery on Apr 12, 2018
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues
The US Department of Labor has taken the position that certain indemnification clauses are void against public policy under Section 410 of ERISA. This policy has been adopted by private plaintiff classes; as evident from a recent settlement, a policy that voids indemnity provisions can limit defense budgets, make settlements more likely and potentially create...
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A Matter of Trusts: Tenth Circuit to Decide Important ESOP Case
By Calli Turner and J. Christian Nemeth on Mar 8, 2018
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Retirement Plans
The ESOP industry is paying close attention to a Tenth Circuit appeal that will address the deferral of corporate deductions for certain accrued expenses payable to ESOP-participating employees. This appeal, which pertains to an underlying tax court opinion, Petersen v. Commissioner of Internal Revenue (decided June 13, 2017), is critically important to certain ESOP-owned S...
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Your Fiduciary Responsibilities and 403(b) Plan Litigation
By J. Christian Nemeth, Joseph K. Urwitz and Todd Solomon on Dec 19, 2017
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans
Joe Urwitz, Todd Solomon and Chris Nemeth discuss provisions of The Employee Retirement Income Security Act of 1974 (ERISA) of particular relevance to tax-exempt entities and their investment managers, as well as ongoing litigation against Section 403(b) plans. Continue Reading.
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Settling the Standard for Prudence? Fall Brings New Guidance for ESOP Trustees
By McDermott Will & Emery, Allison Wilkerson, J. Christian Nemeth and McDermott Will & Emery on Dec 5, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans
Through a series of recent settlements, the US Department of Labor has outlined the process steps fiduciaries should follow in connection with a transaction involving a purchase from, or sale to, an employee stock ownership plan. Continue Reading.
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