Retirement Fee Case Brought By Schlichter Bogard & Denton on Behalf of Cornell Retirement Plan Participants Will Be Jury Trial
A federal court will allow an ERISA excessive fee action brought by Schlichter Bogard & Denton on behalf of participants in two Cornell University retirement plans to proceed to a jury.
U.S. District Judge P. Kevin Castel of the Southern District of New York largely denied Cornell’s motion to strike Plaintiffs’ demand for a jury trial, finding that there were “legal” issues in the case that should properly be determined by a jury.
Regarding the ruling, Schlichter Bogard & Denton’s founding and managing partner, Jerome Schlichter, counsel for the Plaintiffs, said, “[o]ur position has always been that these cases are cases that, under the law, should be jury trials, and we continue to maintain that position and look forward to a jury trial in this case[.]”
Thereafter, Cornell sought an interlocutory appeal challenging the ruling, which Judge Castel also denied. In denying Cornell’s request, Judge Castel said that an appeals court decision on the jury trial issue would not “materially advance” the litigation, noting the case would go to trial unless one of the parties was awarded summary judgment.