Schlichter Bogard & Denton Brings Suit Against Three Universities on Behalf of Retirement Plan Investors
Schlichter Bogard & Denton today filed class action lawsuits against three universities, NYU, MIT, and Yale, on behalf of more than 60,000 retirement plan participants.
The complaints allege breaches of the duties of loyalty and prudence under ERISA, which caused plan participants to pay millions of dollars in excessive fees for recordkeeping, administrative, and investment services. The complaints also allege that the universities breached their fiduciary duties by selecting and retaining high-cost and poor performing investment options compared to available alternatives.
The cases are captioned Tracey v. MIT (D. Mass.), Sacerdote v. NYU (S.D.N.Y), and Vellali v. Yale (D. Conn.). Coverage by the New York Times can be found here. For further information please contact Schlichter Bogard & Denton at 1-800-873-5297 or firstname.lastname@example.org.