Lawsuit Brought by Schlichter Bogard on Behalf of Northwestern University Retirement Plan Participants to Be Heard in United States Supreme Court
A case brought by Schlichter Bogard & Denton on behalf of Northwestern retirement plan participants will be heard in the U.S. Supreme Court. The case is the second excessive fee case under the Employee Retirement Income Security Act of 1974 (“ERISA”) to be heard in the Court; Schlichter Bogard & Denton also brought the first case, Tibble v. Edison.
Originally filed in 2016, the Northwestern case revolves around plan participants’ challenge to Northwestern’s retirement plan investments and fees. The Supreme Court on July 2, 2021 accepted plan participants’ writ of certiorari and will review the Seventh Circuit’s decision affirming the trial court’s dismissal of the case.
As quoted in the Wall Street Journal, Schlichter Bogard & Denton Managing Partner Jerome Schlichter stated as follows: “We have consistently contended that Northwestern breached its fiduciary duties to its employees and retirees, costing them substantial retirement assets.” The Wall Street Journal further noted that “settlements in similar cases have been reached against universities including Emory, Massachusetts Institute of Technology, and Duke,” and as part of the settlements, many universities “have made changes in their retirement plans, including switching from retail investments to lower cost institutional share classes.”
We are proud to be pioneers in retirement plan litigation. Visit our website to learn more about other high-impact cases we’ve handled. For additional information about Schlichter Bogard & Denton’s retirement practice, please contact us at 800-873-5297 or via email at contact@uselaws.com.
