$16.75 Million Emory Settlement Receives Final Approval; “Superior Result” Achieved Because of Schlichter Bogard & Denton’s Expertise, Court Says
A federal judge has entered a final order approving a $16.75 million settlement of an ERISA class action lawsuit brought by Schlichter Bogard & Denton on behalf of current and former participants in Emory University’s retirement plans.
The suit alleged, among other things, that the defendants engaged in prohibited transactions and breached their fiduciary duties by retaining underperforming funds and allowing vendors to charge excessive recordkeeping and administration fees. In addition to monetary damages, the settlement requires that the defendants investigate investment alternatives and retain an independent consultant to review existing investments and recommend changes.
The settlement came after three-plus years of hard-fought litigation. In its order, the court stated as follows regarding class counsel Schlichter Bogard & Denton: “The superior result was reached because of Class Counsel’s well-earned and acknowledged reputation as the pioneering law firm in retirement plan excessive fee litigation—a field Class Counsel created—along with its diligent work in this case […] [F]ew law firms have the necessary expertise and are willing take the risk and devote the substantial resources necessary, all at risk of nonpayment, to litigate these complex ERISA claims.”
We are proud to be pioneers in retirement plan litigation. Read about several other high-impact cases handled by Schlichter Bogard & Denton here.