Excessive fee class action litigation under the Employee Retirement Income Security Act (ERISA) has dramatically increased by 35% in 2024, along with other ERISA class action cases. This surge has been particularly heavy in the last half of the year, likely relying on record-high settlements favoring plaintiffs in the past three consecutive years. While major legacy cases have reached settlement, plaintiff law firms Read More
BlackRock Joins Other Corporations in Quitting Climate Coalition Due to Political Pushback Against ESG Investing
Investment monolith BlackRock has officially withdrawn from the Net Zero Asset Managers Initiative, a coalition of corporations pledging to reach zero-carbon emissions by 2050. BlackRock joins Morgan Stanley, Bank of America, JP Morgan Chase, and others in abandoning the climate coalition, which was once a concerted effort by corporations to adopt energy conservation efforts and sustainable investing. The Read More
Cigna and Union Healthcare Plan Group Sue Minnesota Over New State Law Regulating PBMs
The ERISA Industry Committee, Cigna, and the National Labor Alliance of Health Care Coalitions recently sued the state of Minnesota over its new PBM regulation law. In their suit, the plaintiffs allege that the state law violates the Employee Retirement Income Security Act (ERISA), which preempts state regulation of employee benefit plans. They also claim the law violates the U.S. Constitution. The Minnesota PBM Read More
Massachusetts Passes Law Requiring State PBM Licensing
Massachusetts has passed a new state law that requires pharmacy benefit managers (PBMs) to get a license from the Massachusetts Division of Insurance no later than January 1, 2026. Initial PBM licenses are good for three years and are renewable in subsequent three-year increments. Both initial and renewal licenses come with a $25,000 fee. The new state law also establishes significant penalties for PBMs in certain Read More
OSHA Terminates COVID-19 Healthcare Rulemaking
Just before the presidential inauguration, the Occupational Health and Safety Administration (OSHA) of the U.S. Department of Labor (DOL) announced the termination of its COVID-19 healthcare rulemaking. OSHA originally issued an Emergency Temporary Standard on June 21, 2021. The purpose of the standard was to protect workers in healthcare settings from COVID-19. The agency published the Emergency Temporary Read More
Drug Costs, State Laws Fuel Push For Fed. Action On PBMs
Law360 (February 14, 2025, 7:11 PM EST) -- Skyrocketing prescription drug costs and a proliferation of state laws are driving renewed calls from employers and benefit plan administrators for Congress to enact federal legislation changing how pharmacy benefit managers do business, experts say.Employee benefits and healthcare industry groups are redoubling efforts to have Congress pass a set of new reporting and rebate Read More
Congress Passes Two Laws Aimed to Reduce Employer and Insurer ACA Reporting
On January 3rd, Congress passed two bills that decrease the amount of reporting that employers and insurers must complete under the Affordable Care Act (ACA). The Paperwork Burden Reduction Act and the Employer Reporting Improvement Act, which the President signed into law, change employer and insurer notices to individuals required by the ACA. Under the ACA, employers and insurers who provide minimum essential Read More
Apple Advises Shareholders to Vote Against Anti-DEI Proposal
Apple disclosed in a proxy statement filing with the U.S. Securities and Exchange Commission (SEC) that the National Center for Public Policy, a conservative think tank, will propose that Apple cease all its diversity, equity, and inclusion (DEI) activities at its upcoming shareholder meeting. In response, Apple advised its shareholders to vote against the proposal, characterizing it as an inappropriate attempt to Read More
DOL Issues Annual Civil Penalties Adjustments for 2025
The U.S. Department of Labor (DOL) has issued the Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2025. As per 2016 legislation, DOL must make certain adjustments to some civil penalty amounts no later than January 15th of each year. The penalty amounts apply to various benefit plan compliance failures and represent maximum penalty amounts. As a result, the DOL can issue lower penalties for Read More
Meta Ends All DEI Programs
Meta has ended its diversity, equity, and inclusion (DEI) programs in its latest moves, seemingly designed to gain favor with the incoming Trump administration. The change comes three days after Meta announced the ending of a fact-checking program, which many believe unfairly and adversely affected conservatives. In announcing the immediate elimination of DEI programs, Janelle Gale, vice president of human Read More
