Wall Street Journal Profiles Jerry Schlichter as “Lawyer on a Quest to Lower Your 401(k) Fees”
The piece recognizes that since 2010, Schlichter Bogard & Denton has secured over $330 million in settlements for clients and recently won a unanimous decision in the U.S. Supreme Court, which found that employers with 401(k) plans have an ongoing duty to monitor the investments they choose. According to the article, Jerry and his firm have developed such a reputation in this space that companies and industry insiders have coined a term to describe their work: “getting Schlichterized.”
The article also examines the early origins of the 401(k) cases brought by Schlichter Bogard & Denton dating back to 2006, when the firm filed a dozen lawsuits on behalf of retirement plan participants against companies with alleged excessive fees. At that time, Jerry began to see that workers were worried about their retirement accounts, but “[t]hey didn’t understand how the 401(k) plan work.” As a result, Jerry and the firm decided to take a “deep dive” into the whole 401(k) industry. What they uncovered was astonishing. “We saw billion-dollar-plus plans paying retail fees that an investor” with a $500 account had to pay, Jerry said.