Trust Quarterly Review Recognizes Schlichter Bogard & Denton and Jerry Schlichter as “the Pioneer” of ERISA Class Actions
The Trust Quarterly Review has highlighted the considerable impact that Schlichter Bogard & Denton and managing partner Jerry Schlichter have had on the retirement industry and on ERISA, the federal law designed to protect the retirement assets of retirees, in a December 2016 article.
The article notes that Schlichter Bogard & Denton spent well over a year researching and analyzing excessive fees in the 401(k) industry before launching the first ERISA class action lawsuits challenging excessive 401(k) fees in U.S. history in 2006. The article goes on to note that despite the fact that “industry opponents spent tens of millions of dollars” to defeat these cases, Jerry Schlichter and Schlichter Bogard & Denton have secured a number of substantial victories on behalf of workers and retirees affected by excessive fees and other fiduciary abuses, including recent record-breaking settlements with Lockheed Martin Corp totaling over $62 million and The Boeing Co. totaling over $57 million, and a significant judgment in the only full trial of an excessive fee class action. The article also chronicles Schlichter Bogard & Denton’s significant achievement in securing a unanimous Supreme Court ruling in Tibble v Edison – a case that firmly established that an ERISA fiduciary has a continuing duty to monitor investments in a plan and remove imprudent ones.
Finally, the article notes the singular impact that Jerry Schlichter has had and continues to have in the American retirement plan space.
Schlichter is the pioneer in ERISA trust class actions, and, not surprisingly, journalists vie to outdo each other in coming up with colourful sobriquets for him in articles with titles like How (Not) to Get Sued by 401k Tort Terror Jerry Schlichter’. His personal favourite is ‘Public Enemy No 1 for 401(k) Profiteers’. But, as he says, in pursuing these kinds of cases, he considers himself to be on the side of the angels, for ‘fees have come down throughout the industry and several judges have attributed it to our work, which has been to the benefit of the American worker and retiree, and very gratifying’.
The full article is available here (subscription required). For additional information about Schlichter Bogard & Denton’s ERISA and Financial Abuse practice, please contact Schlichter Bogard & Denton at 1-800-873-5297 or firstname.lastname@example.org.