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During the third quarter of 2023, 58 ERISA-related lawsuits were filed and/or updated. Each event represents the involved parties either reaching a settlement or filing an appeal, or a court decision was made. The parties involved in the ERISA lawsuits in the third quarter included two financial firm, two healthcare firms, one university, five tech firms and other prominent organizations such as American Airlines Inc., FedEx, General Electric and Deloitte LLP. There were 17 ERISA lawsuits involving excessive record-keeping fees.
The number of searches during the third quarter of 2023 decreased to 102 from 109 in the prior quarter, with 49% for service providers, followed by 29% for traditional managers and 16% for alternatives. Hiring activity increased to $77.4 billion from $58.4 billion in the previous quarter, due to a massive $29.2 billion OCIO awarded to Goldman Sachs Asset Management by BAE Systems.
Search activity for the first quarter of 2023 increased by 10.5% from the prior quarter. Hiring activity jumped to $69 billion from $56.1 billion the previous quarter, mostly due to moderate and sharp increases in traditional and OCIO hires, excluding a $41.8 billion OCIO mandate awarded by Teamsters Central States, Southeast & Southwest Areas Pension Fund to BlackRock.