Schlichter Bogard & Denton Reaches Preliminary Settlement on Behalf of Oracle Retirement Plan Participants
After nearly four years of litigation, Schlichter Bogard & Denton on December 3 reached a preliminary settlement on behalf of more than 70,000 current participants in Oracle’s retirement plan. Trial was scheduled to begin that day.
Filed in January 2016, the lawsuit alleged that Oracle allowed its retirement plan’s recordkeeper, Fidelity, to charge excessive fees. Further, it alleged that Oracle’s retirement plan contained imprudent investment options that “consistently underperformed, charged excessive fees, and paid revenue sharing to Fidelity far beyond a reasonable rate for the services provided.” Additional coverage may be found here.
We are proud to be national leaders in protecting victims of financial abuse. The Oracle settlement comes on the heels of several other high-impact cases handled by Schlichter Bogard & Denton. For additional information about Schlichter Bogard & Denton’s ERISA and Financial Abuse practice, please contact us at 1-800-873-5297 or firstname.lastname@example.org.