Schlichter Bogard & Denton Obtains Victory for Edison Retirement Plan Participants
The full panel of judges on the U.S. Circuit Court for the Ninth Circuit on December 16 issued an opinion agreeing with Schlichter Bogard & Denton that participants in Edison’s 401(k) plan did not forfeit certain ERISA claims. A recent Bloomberg article described the decision as “significant” and a “win for the Edison workers,” in part because it comes on the heels of Schlichter Bogard & Denton’s United States Supreme Court victory that has made it more difficult for plan fiduciaries to escape liability for charging excessive fees.
The result of the appellate court decision is that Edison workers will be permitted to go to trial on their claim that Edison should have moved out of higher-priced retail-class fund shares into less-expensive institutional-class fund shares.
The Ninth Circuit also recognized the significant accomplishment achieved by Schlichter Bogard & Denton in representing Edison retirement plan participants, and noted the “significant amount of work that has been required to vindicate an important ERISA principle.”
A recent BenefitsPro article also highlighted Schlichter Bogard & Denton’s victory in the “landmark” case. The article quotes managing partner Jerry Schlichter as follows: “I can’t speak for the Defendant, but we are planning on going to trial,” Mr. Schlichter said by email. “When we committed to bringing this case, as with every case, that commitment was to do whatever it takes, no matter how long or how costly, to obtain compensation for the employees and retirees for the loss of their retirement assets, and that is what we will continue to do until completion,” he added.