{"id":6930,"date":"2023-08-24T14:37:50","date_gmt":"2023-08-24T18:37:50","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=6930"},"modified":"2023-08-24T14:37:50","modified_gmt":"2023-08-24T18:37:50","slug":"fiduciaries-to-pony-up-almost-125-million-in-deal-with-dol","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=6930","title":{"rendered":"Fiduciaries to pony up almost $125 million in deal with DOL"},"content":{"rendered":"<p>Fiduciaries of a retirement plan sponsored by DST Systems Inc., including investment management firm Ruane, Cunniff &amp; Goldfarb Inc. \u2014 will pay more than $124.6 million to resolve violations of ERISA. The Department of Labor (DOL) sued Ruane, Cunniff &amp; Goldfarb in 2019 alleging that the firm used a \u201cself-proclaimed investment strategy of \u2018non-diversification\u2019\u201d that resulted in losses for the plan\u2019s more than 9,000 participants.<\/p>\n<p>According to the DOL, one pharmaceutical company\u2019s stock grew to encompass more than 45% of the plan\u2019s assets. An investigation by the DOL determined that the plan managers violated the Employee Retirement Income Security Act for failure to diversify a plan\u2019s investments in order to minimize the risk of losses.<\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Fiduciaries of a retirement plan sponsored by DST Systems Inc., including investment management firm Ruane, Cunniff &amp; Goldfarb Inc. \u2014 will pay more than $124.6 million to resolve violations of ERISA. The Department of Labor (DOL) sued Ruane, Cunniff &amp; &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=6930\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6930"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6930"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6930\/revisions"}],"predecessor-version":[{"id":6931,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6930\/revisions\/6931"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}