St. Louis law firm Schlichter, Bogard & Denton has filed several more class action lawsuits against big-name universities, alleging their employee retirement plans are too confusing and charge excessive fees.
Since Aug. 9, attorney Jerry Schlichter’s firm has filed lawsuits against 403(b) retirement plans — so-called because of the tax section that authorizes them for nonprofits and many public institutions — sponsored by 11 universities, the Wall Street Journal reports.
Initial lawsuits against New York University and Yale 403(b) plans, as well as a lawsuit over Massachusetts Institute of Technology’s 401(k) plan, were followed by suits against prominent schools including Cornell, Northwestern and University of Southern California, the publication reports.
The lawsuits target the $900 billion market for 403(b) plans, the Journal reports, alleging some aren’t moving fast enough to streamline the offerings from which participants much choose and to cut fees following recent regulatory changes.
Read more: St. Louis Business Journal