The tally of universities getting hit by lawsuits over 403(b)fees and their fiduciary duty continues to go up.
On Tuesday, Sanford Heisler LLP filed a class complaint in theU.S. District Court for the Southern District of New York, claimingColumbia University breached its obligation under the EmployeeRetirement Income Security Act (ERISA) to prudently invest itsemployees' retirement savings. Similar complaints have been brought against the 403(b) plans at NewYork University, Yale University, Duke, Johns Hopkins,the University of Pennsylvania, and Vanderbilt, as wellas a slightly different complaint against Massachusetts Institute ofTechnology's 401(k) plan.
“Until employers recognize their duties and fulfill theirduties, these cases will keep coming,” Charles Field, a partner ofSanford Heisler and co-lead counsel for the plaintiff, toldThinkAdvisor.
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Emily Zulz
Emily joined the ThinkAdvisor team as a reporter in the summer of 2014. She previously worked as a reporter for The Daily Journal in Kankakee, Illinois for a year and as a reporter and editor for The Daily Eastern News in Charleston, Illinois for two and a half years. Prior to joining ThinkAdvisor, Emily worked on Groupon’s editorial team in Chicago as a fact checker for three years. She graduated cum laude with a BA in journalism from Eastern Illinois University, and she has been the recipient of two journalism awards for her news reporting at daily newspapers.
