InvestmentNews Recognizes Schlichter Bogard & Denton's "Indelible Mark" on the Retirement Industry
A recent InvestmentNews article has described the significant impact of the work of Jerome Schlichter and Schlichter Bogard & Denton on the retirement industry, describing the firm’s contributions as leaving an “indelible mark.”
As the article describes, approximately eleven years ago, Schlichter Bogard & Denton filed a series of lawsuits against several of the largest employers in the nation on behalf of employees and retirees. These suits—which were the first of their kind to be filed—challenged the fiduciary practices of 401(k) plan sponsors and questioned, among other things, the fees being charged to 401(k) participants.
The article attributes increased fee transparency and lower fees—particularly in the area of 401(k) plan recordkeeping fees—as among the tangible benefits resulting from these lawsuits, and notes that before these lawsuits were filed employers often mistakenly thought recordkeeping services did not cost anything.
The article quotes Schlichter Bogard & Denton’s managing partner, Jerome Schlichter, as follows: “When we began this journey, there was no attention being given to litigation in this space. Fees were in a dark closet.”
The full article is available here.