Schlichter Bogard & Denton Brings Class Actions Against Five Additional Universities on Behalf of Retirement Plan Investors
Schlichter Bogard & Denton this week brought class actions against five additional universities, Duke, Emory, Johns Hopkins, the University of Pennsylvania, and Vanderbilt, on behalf of thousands of retirement plan participants. Earlier in the week, Schlichter Bogard & Denton brought suit against three other universities: MIT, NYU, and Yale.
Each of the suits alleges breaches of fiduciary duties that caused investors to pay millions of dollars in excessive fees. Among other things, the suits allege that the defendant universities improperly included high-cost investment options in their plans, and also charged improper fees for recordkeeping, administrative, and investment services.