Schlichter Bogard & Denton Obtains Trial Victory In Historic 401(k) Excessive Fee Case Against Edison International
Schlichter Bogard & Denton has obtained a trial victory on behalf of the workers and retirees of Edison International in an ERISA fiduciary breach excessive fee case that was tried twice and involved an appeal all the way to the United States Supreme Court, which in 2015 ruled 9-0 in Schlichter Bogard & Denton’s favor.
The trial court’s decision came after a full panel of judges on the U.S. Circuit Court for the Ninth Circuit agreed with Schlichter Bogard & Denton that participants in Edison’s 401(k) plan did not forfeit certain ERISA claims related to Edison’s decision not to move participants out of higher-priced retail-class shares into less expensive institutional-class shares.
Jerry Schlichter, Schlichter Bogard & Denton’s managing partner and the lead attorney for the participants, said in a news release: “We are pleased that the court agreed with our position. We look forward to continuing our work on behalf of the employees and retirees involved in this case, so that they may soon see a resolution and find relief.”