Boston Globe Notes New Allegations Brought by Schlichter Bogard & Denton Against MIT

The Boston Globe has taken note of new allegations brought by Schlichter Bogard & Denton against MIT – including allegations that MIT received $18 million from foundations affiliated with Fidelity, despite Fidelity’s involvement with MIT’s retirement plan.   

Among other things, the Globe notes that Schlichter Bogard & Denton’s amended complaint alleges that “MIT failed to properly monitor fees on its $3.6 billion 401(k) plan for employees, or put it out to competitive bids, in part because Fidelity chief executive Abigail Johnson serves on the MIT board of trustees.” The full article is available here.   

Schlichter Bogard & Denton’s lawsuit on behalf of investors in MIT’s 401(k) plan is captioned Tracey v. MIT et al., 1:16-cv-11620 (D. Mass.).  For more information about Schlichter Bogard & Denton’s ERISA and Financial Abuse practice, please contact Schlichter Bogard & Denton at 1-800-873-5297 or sbd@uselaws.com.