Yale, NYU, MIT Hit with Coordinated ERISA Lawsuits

By Jacklyn Wille, Bloomberg BNA

Schlichter Bogard & Denton LLP, the law firm that led the litigation charge against 401(k) plan fees, filed three new ERISA class actions against Yale University , New York University and Massachusetts Institute of Technology .

The lawsuits, filed Aug. 9 in different federal courts, accuse the universities of charging excessive record-keeping and administrative fees in connection with their retirement plans for faculty members. The complaints raise a novel challenge to the way the retirement plans are managed — namely, that the plans included too many duplicative and unnecessary investment options, which caused investors ...