St. Louis law firm Schlichter Bogard & Denton has won a $10.65 million settlement against Duke University. Two lawsuits alleging breach of fiduciary duty are covered in the settlement.
The St. Louis firm has secured 15 settlements out of more than 30 complaints since 2006 in lawsuits alleging excessive 401(k) and 403(b) retirement plan fees.
Jerry Schlichter, managing partner of Schlichter Bogard & Denton, said the settlement will allow Duke employees and retirees to better build their retirement assets.
Plaintiffs represented by the firm alleged Duke didn’t abide by the Employee Retirement Income Security Act when it charged excessive fees for its investment and administrative service.
Read more: St. Louis Business Journal.