This month Penn joined a familiar list of peer universities — including Duke, Harvard and Yale — in a lawsuit over employee retirement plans. The class action lawsuit claims that University retirement plans have been charging fees that are too high for school employees. All of the schools involved are being accused on the grounds that they all use several providers, as opposed to one, to manage …
Last Tuesday, a proposed class action lawsuit naming Columbia University was filed in the New York federal district court.
Morgan Stanley was hit with a class action Friday, filed on behalf of 60,000 workers. The suit claims that the company mismanaged its own employees’ retirement plans by offering poorly performing funds and charging excessive fees.
Columbia University was sued Tuesday on claims its retirement plans charged excessive fees. This follows a string of similar litigation filed over the past week against several top universities, leading to speculation that these suits are merely the first volleys in what’s likely to be a developing trend. The plaintiff in the proposed class-action lawsuit is seeking $100 million from Columbia …
Schlichter, Bogard & Denton, a leading national law firm based in St. Louis, today filed separate class action lawsuits against three universities on behalf of over 60,000 employees in their defined contribution retirement plans. The complaints, David B. Tracey, et al., v. Massachusetts Institute of Technology, et al. ; Dr. Alan Sacerdote, et al., v. New York …
New York University, Yale University and the Massachusetts Institute of Technology are facing lawsuits for allegedly making retirement-savings plan members pay exorbitant fees. NYU, Yale and MIT — each having retirement plans holding over $3 billion in assets — are being individually sued by employees looking to establish a class-action lawsuit. Two of the three …
A member of one of Saskatchewan’s most prominent business families, and his associate, are facing allegations in a lawsuit including self-dealing, mismanagement, and a scheme to wilfully devalue investments in several retirement communities so they could be bought at a fraction of their real value. The allegations against Darrell Remai and his business associate, Sirous Tosh, are contained in a …
New York Life Insurance Co. is the newest member to the ever-growing list of asset managers and retirement plan providers being sued by their employees for fiduciary breach in the company 401(k) plan. Current participants in two New York Life 401(k) plans filed a class-action lawsuit — Andrus et al v. New York Life Insurance Company et al — alleging self-dealing by the firm and other affiliated …
Lebanon County will file to be a lead plaintiff in a class action suit against a Brazilian steel manufacturer accused of attempting to defraud its government of more than $400 million in taxes.
Index funds often benefit from a low-cost halo. They don’t all deserve to bask in that glow. Allegations of excessive index fund fees in retirement plans are at the heart of a new proposed class action lawsuit brought by New York Life Insurance Co. employees against the company.