Jerry Schlichter Interviewed by The Evidence-Based Investor; Named Investors’ “Best Friend”
The Evidence-Based Investor published a glowing feature on managing partner Jerry Schlichter, noting his “inspirational” tenacity and “extraordinary” success rate and crediting him with doing “more to advance the cause of ordinary investors than anyone except the late Jack Bogle.”
In the article, Mr. Schlichter recalls the firm’s historic thirteen-year battle against ABB, Inc. — the first 401(k) excessive fee case ever filed. “We needed a huge line of credit,” Mr. Schlichter explains. “My partners and I put our houses and net worth — everything — on the line.” Upon winning this case, the U.S. District Court acknowledged “the significant, national contribution” made by Mr. Schlichter and his team.
The article also recognizes Schlichter Bogard & Denton’s unparalleled track record in 401(k) excessive fee cases against some of the largest firms in the country, obtaining relief valued at more than $1.5 billion on behalf of hundreds of thousands of American workers and retirees.
While United States-style class actions are not permitted in the United Kingdom, the UK-based publication suspects that 401(k) participants across the Atlantic may face similar perils in the form of excessive fees and imprudent investments.
As the article concludes, “[t]he Wall Street Journal once referred to the [American] 401(k) industry as having been ‘Schlichterized’. UK pensions could do with some Schlichterizing, too.”