Schlichter Bogard Reaches Preliminary $14.5 Million Settlement on Behalf of Vanderbilt Retirement Plan Participants
On April 22, 2019, a class of current and former Vanderbilt University retirement plan participants represented by Schlichter Bogard & Denton filed a motion for preliminary approval of a $14.5 million settlement in an ERISA fiduciary breach case. Employees and retirees had alleged, among other things, that Vanderbilt’s retirement plan overcharged participants and offered poorly performing investments.
The proposed settlement incorporates significant nonmonetary relief designed to protect plan participants going forward, including a requirement that defendants conduct a request for proposals for recordkeeping services and a restriction on the use of participant information for marketing purposes.
“University employees have the same right to fiduciary protection of their retirement assets as corporate employees,” said Jerome J. Schlichter, managing partner of Schlichter Bogard & Denton. “This settlement will enable Vanderbilt employees and retirees to not only receive compensation for past losses, but also to benefit from an improved plan for years in the future.”
Additional coverage may be found here, here, and here. For additional information about Schlichter Bogard & Denton’s ERISA and Financial Abuse practice, please contact Schlichter Bogard & Denton at 1-800-873-5297 or sbd@uselaws.com.
