A review of the litigation environment and ongoing class action lawsuit and settlement news occurring in the retirement plan industry.
Duke University Lawsuit
Plaintiffs in this case allege that due to the university’s breach of fiduciary duties, the Duke University 403(b) Plan lost more than $1 million. Plaintiffs claim injury as their account balances would have been higher had Duke not assumed revenue sharing from the plan’s investment options for its own benefit rather than allocating among participant […]Read More
Brown University Lawsuit
Several plaintiff claims in this case have moved forward. In particular, the allegation that a prudent fiduciary would have selected one recordkeeper instead of two, was found plausible, with plaintiffs claiming that a prudent fiduciary in similar circumstances would have solicited competitive bids to arrive at one recordkeeper. Plaintiffs also claim that Brown selected expensive […]Read More
Northwestern University Lawsuit
All claims in this case, in which the plaintiff alleged that the University breached fiduciary duties by allowing TIAA-CREF to mandate “inclusion of certain allegedly imprudent funds,” have been dismissed. Participants were not required to invest in such funds or any TIAA-CREF product; other options were available for participants. Additionally, according to the judge, as […]Read More