Case: Columbia ERISA

Law Firms Risked It All on 401(k) Fee Suits—And It’s Paying Off

August 22nd, 2016

As it appeared on Law.com Despite some major recoveries in class actions over excessive 401(k) fees, the group of lawyers litigating these cases remains small, as few are willing to put the whole firm at risk. “This is too big to do it in an incremental way. It does change the firm. It does mean […]

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Is it time for 403(b) plans to evolve?

August 22nd, 2016

As it appears on Benefits Pro Higher education tends to use multiple retirement service providers and dozens of investment options AUG 22, 2016 | BY NICK THORNTON The recent slew of lawsuits against sponsors of 403(b) plans at some of the country’s most distinguished universities raises questions as to whether or not the allegedly imprudent practices […]

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Suits Target University Retirement Plans

August 20th, 2016

As it appeared in the Wall Street Journal Lawsuits contend some universities’ 403(b)s are slow to streamline retirement-plan choices and to lower fees By Anne Tergesen A dozen big-name universities in the past two weeks have been hit with lawsuits alleging the retirement plans for their employees, some of which offer hundreds of investment choices, […]

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ThinkAdvisor, August 17, 2016 – Latest 403(b) Suit Targets Columbia University

August 17th, 2016

As it appeared on ThinkAdvisor 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 the U.S. District Court for the Southern District of New York, claiming Columbia University breached its obligation under the Employee Retirement […]

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InvestmentNews, August 17, 2016 – Columbia University targeted in $100 million lawsuit over excessive retirement plan fees

August 17th, 2016

As it appeared in InvestmentNews The suit, not brought by Jerry Schlichter’s law firm, could signal a ‘race to the courthouse’ in the university 403(b) market By Greg Iacurci  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 […]

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Chief Investment Officer, August 17, 2016 – Columbia Latest University to Face DC Lawsuit

August 17th, 2016

As seen in Chief Investment Officer The New York City-based school has been sued for $100 million for underperforming funds. Columbia University is facing a $100 million lawsuit over allegations that it “retained expensive and poor-performing investment options” in its defined contribution (DC) plan. Law firm Sanford Heisler filed the class action in New York […]

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Courthouse News Service, August 17, 2016 – Columbia Accused of Retirement Boondoggle

August 17th, 2016

As it appeared on Courthouse News Service By JOSH RUSSELL MANHATTAN (CN) – Columbia University is turning what should have been the golden period of its employees lives into “a retirement nightmare,” one woman claims in a federal class action, mirroring recent complaints against other prominent schools. Filing suit anonymously Tuesday, Jane Doe hopes to […]

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Reuters, August 16, 2016 – Columbia University faces $100 mln lawsuit over retirement plan

August 16th, 2016

As it appeared on Reuters: Aug 16 Columbia University was accused on Tuesday of mismanaging its retirement plan in a federal civil lawsuit that alleges $100 million in damages. The complaint says the Ivy League university based in New York retained expensive and poor-performing investment options that consistently underperformed their benchmarks. “This caused its (retirement) […]

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Columbia University faces $100 mln lawsuit over retirement plan

August 16th, 2016 — CNBC

As it appeared on CNBC.com Aug 16 (Reuters) – Columbia University was accused on Tuesday of mismanaging its retirement plan in a federal civil lawsuit that alleges $100 million in damages. The complaint says the Ivy League university based in New York retained expensive and poor-performing investment options that consistently underperformed their benchmarks. “This caused […]

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PR Newswire, August 16, 2016 – Sanford Heisler Files One Hundred Million Dollar ERISA Class Action Against Columbia University On Behalf Of 27,000 Retirement Plan Beneficiaries

August 16th, 2016

As it appeared on PR Newswire NEW YORK, Aug. 16, 2016 /PRNewswire/ — Contemporary retirement plans have become the primary tool for retirement planning and savings for millions of working Americans. Employers who fail to offer their employees prudent investment choices place employees’ hard earned retirement savings at risk of loss because of poor investment […]

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