Class of Columbia University Retirement Plan Participants Certified by Court
On Thursday, November 15, District Judge George B. Daniels of the Southern District of New York certified a class of approximately 24,000 Columbia University retirement plan participants in a lawsuit brought by Schlichter Bogard & Denton.
The parties had agreed that class treatment was appropriate as to most of the claims in the case, but defendants had opposed class certification with respect to claims about certain investment options in the plans. Judge Daniels disagreed, overruling the defendants’ opposition and finding that all requirements for class certification were met. Judge Daniels also designatedSchlichter Bogard & Denton as class counsel.
“We have said that we believe class certification will be granted, and we’re pleased that is what the court did today,” said managing partner Jerome Schlichter. “We will now proceed to trial on behalf of the thousands of employees and retirees of Columbia, to restore their losses.”