Financial Times Recognizes Schlichter Bogard & Denton’s “Transform[ative]” Work Combating Retirement Fees
The Financial Times on May 21 recognized Schlichter Bogard & Denton as having “pioneered the breed of cases that challenge US companies over the conflicts of interest and oversize fees that have plagued employee retirement plans.” The article can be found here (subscription required).
Based on an analysis of a decade’s worth of legal filings, the Financial Times emphasized that Schlichter Bogard & Denton has led the way in recoveries on behalf of retirement plan investors—and noted that approximately $302 million out of the nearly $400 million recovered from companies in excessive fee suits has been recovered in cases brought by Schlichter Bogard & Denton.
The article also quotes Jerry Schlichter, the founding and managing partner of Schlichter Bogard & Denton, as follows:
“When we started this journey, filing the first cases in 2006, it was clear that very little attention was being paid to making sure fees were reasonable and other aspects of the fiduciary duties of employers. Some 11 years later, things have improved significantly for employees and retirees.”
The Financial Times identifies the litigation wave spearheaded by Schlichter Bogard & Denton as a “significant reason for the downward pressure on fees across the asset management industry, whose funds are the building blocks of US companies’ retirement plans, known as 401(k)s.”