Court Rules Schlichter Bogard & Denton’s Excessive Fee Suit Against Duke Can Proceed

On May 11, a U.S. district court largely denied Duke University’s motion to dismiss excessive-fee claims brought by Schlichter Bogard & Denton on behalf of participants in Duke’s 403(b) retirement plan. The court’s ruling comes just one day after another federal judge in Atlanta ruled that Schlichter Bogard & Denton’s case against Emory could also proceed based on similar allegations.

A Bloomberg article drawing comparisons between the Duke Court’s ruling and the decision against Emory noted that among other allegations, “both schools will have to defend another novel claim brought by participants—namely, that the plans erred by hiring multiple record keepers instead of consolidating services with a single record keeper that could provide lower fees.”

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