Groom principal and co-chair of the firm’s Employers & Sponsors group, David Levine, was featured by PLANADVISER in the article, “Plaintiff Lawyers Can Now Use AI To Identify Potential Plan Issues,” where he examined the role and use of artificial intelligence (“AI”) in ERISA fee litigation cases.
PLANADVISER reported that, according to Levine, “Artificial intelligence ‘is not revolutionary, it is evolutionary.’”
The platform noted that Levine said that “the use of AI in this field of law is relatively new, but its use is ‘very much a data processing tool,’ and little else. Fiduciaries should generally follow the same principles as before, but since AI models tend to focus on data procured from Form 5500s, sponsors should consider evaluating their Form 5500 reporting to be sure everything is accurate.”
Regarding fees and costs to participants, “There is absolutely nothing in ERISA that says the reasonable range is $25-$35,” noted Levine.
PLANADVISER continued, adding that Levine said that “this view on fees and costs ‘disregards level of services, level of support, call center times, a myriad of factors,’ that could justify higher fees. These services and their providers are ‘not interchangeable widgets.’”
To read the article, click here.
