Interview with Jerry Schlichter Focuses on Retirement Industry Changes Following Schlichter Bogard & Denton’s Excessive Fee Cases
On May 28, 2019, PLANSPONSOR featured an interview with Jerry Schlichter, founder and managing partner of Schlichter Bogard & Denton. The piece, titled “An ERISA Litigation Conversation with Jerry Schlichter,” includes a discussion of changes to the retirement plan industry in the wake of the firm’s successful excessive fee cases.
In particular, the article discusses the firm’s work representing 401(k) participants in Tussey v. ABB, where “after 12 years of litigation, the parties recently reached a proposed a $55 million settlement—the final result of more than a decade of litigation, court-ordered non-monetary remedies and multiple appellate court rulings.”
“There is no question that in terms of the big picture, a lot of sponsors have made significant improvements to what they are doing in their plans as fiduciaries,” Jerry Schlichter said. “Investment and recordkeeping fees have come down dramatically, and that’s a great thing for American workers. I’ve seen estimations that fees are down by $2 billion a year for participants, which is meaningful.”
Coverage of this story can be found here, and here. 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.