Appellate Court Rules for Parker-Hannifin Retirement Plan Participants Represented by Schlichter Bogard

As reported by Law360,  a proposed class action brought by Schlichter Bogard on behalf of Parker-Hannifin retirement plan participants was revived by the U.S. Court of Appeals for the Sixth Circuit on Wednesday. The Employee Retirement Income Security Act (“ERISA”) suit alleges mismanagement of the Parker-Hannifin retirement plan.

In ruling for the plan participants represented by Schlichter Bogard, the Court found plausible the complaint’s allegations that “plan fiduciaries breached their duty of prudence by selecting a share class with a higher fee when reasonable effort would have unlocked a class with a lower fee.”

For more information about Schlichter Bogard’s retirement practice, please contact us at 800-USE-LAWS (873-5297) or via email at contact@uselaws.com.