News & Analysis as of

Fiduciary Duty Universities

Kaufman & Canoles

K&C Sports & Entertainment Law Weekly Roundup - June 2024 #4

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Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts....more

Bricker Graydon LLP

[Webinar] Proposed Title IX Regulations – An Overview for College and University Governing Board Members - July 28th, 12:00 pm -...

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At long last, the newly proposed Title IX regulations have been released! What do they say? How might your policies and procedures change to comply? Join Bricker's higher education team for a presentation for boards of...more

Bricker Graydon LLP

[Webinar] Deep Dive into Governance (Higher Education) - December 7th, 12:00 pm - 1:00 pm EST

Bricker Graydon LLP on

Board members might know about the shared governance model, but how well do they really understand it? Join Jeff Knight and Warren Grody for a deep dive into governance issues in higher education, including its...more

Verrill

Supreme Court will Hear Northwestern University 403(b) Plan Excessive Fee Case

Verrill on

The United States Supreme Court will weigh in on the spate of recent lawsuits filed against colleges and universities related to the schools’ retirement plans. The Court has granted a request for review from participants in...more

Fisher Phillips

Staying In Your Lane: Unnecessary Board Actions Can Create Legal Risk

Fisher Phillips on

In the wake of the ravages COVID-19 is wreaking on educational institutions, independent and private school boards of trustees are seeking clarity on legal protections for board members and boards of trustees acting on behalf...more

Bricker Graydon LLP

[Webinar] New Title IX Regulations – An Overview for College and University Governing Board Members - May 14th, 3:00 pm - 4:00 pm...

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At long last, the final Title IX regulations have been released! What do they say? How must your policies and procedures change to comply? Our higher ed team is hard at work parsing through 2,033 pages of regulations and...more

Proskauer - Employee Benefits & Executive...

Third Circuit Resuscitates Claims Against University 403(b) Plan Fiduciaries

Over the past several years, the ERISA plaintiffs’ bar has targeted university-sponsored 403(b) plans, arguing that the plan fiduciaries breached their fiduciary duties and engaged in prohibited transactions in connection...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Vanderbilt forks over $14 million in 403(b) settlement

The plethora of class action lawsuits against colleges and universities over their 403(b) plans have brought a variety of settlements and wins by the defendant schools....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

A Back-to-School Progress Report

This is an update to our article, Back to School for ERISA Fiduciary Claims: How to Prepare for This Trend in University Litigation, which was published on August 22, 2017. As we discussed previously, over the past couple...more

McDermott Will & Emery

Georgetown University Defeats Retirement Plan Fee Litigation and “If a Cat Were a Dog, It Would Bark”

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Recently, the US District Court for the District of Columbia dismissed a proposed class action lawsuit brought by former Georgetown employees under the Employee Retirement Income Security Act of 1974 (ERISA) over fees and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Duke University settles their 403(b) lawsuit

Over the last 35 years, Duke University has had a championship basketball team on the court. In another court, Duke didn’t do too well....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

403(b) defendants are on a roll

Georgetown University is now the 5th university that has won its case after being sued by plan participants over their 403(b) plan....more

Littler

Victory for NYU After First Trial in the 401(k) Fee Cases Filed Against Colleges and Universities

Littler on

In the past two years, more than 16 prominent colleges and universities across the country have been targeted by class action lawsuits filed under the Employee Retirement Income Security Act (ERISA) challenging the fees and...more

McDermott Will & Emery

Northwestern University Defeats 403(b) Lawsuit

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A federal judge in the Northern District of Illinois recently dismissed a lawsuit against Northwestern University alleging that the University and its fiduciaries mismanaged its retirement and voluntary savings plans. This is...more

Holland & Knight LLP

Religious Institutions Update: June 2018 - Lex Est Sanctio Sancta

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Since 1990, the U.S. Supreme Court has expressly construed a neutral law of general applicability as consistent with the free exercise clause. Deeming Colorado's public accommodations law just such a law, the Colorado Court...more

Saul Ewing LLP

The Friday Five: Five Current ERISA Litigation Highlights - June 2018

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This month’s Friday Five covers cases that explore a variety of situations where courts consider what level of deference, if any, they must provide in reviewing decisions made by ERISA fiduciaries....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Those University Lawsuits are like shooting fish in a barrel

There have been around 20 class action lawsuits filed against universities for high cost 401(k) and 403(b) plans. The lawsuits are like shooting fish in a barrel because when you think about it, low costs and higher education...more

Proskauer Rose LLP

ERISA Newsletter - Third Quarter 2017

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Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...more

Seyfarth Shaw LLP

Penn Succeeds in Dismissing Retirement Plan Proposed Class Action

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Seyfarth Synopsis: Since August 2016, sixteen elite colleges and universities have faced class action lawsuits related to management of their retirement plans. After five cases previously survived motions to dismiss, the...more

Jackson Lewis P.C.

Update On University Section 403(B) Cases: Inconsistent Rulings

Jackson Lewis P.C. on

As a result of rulings on motions to dismiss within a day of each other (May 10 and 11, 2017, respectively), Emory University and Duke University must continue to defend claims challenging aspects of their Section 403(b)...more

McDermott Will & Emery

Top US Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors

The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Class Action Retirement Plan Litigation Hits Higher Ed Hard

In recent weeks, multiple class action lawsuits have been filed against private, nonprofit universities across the country alleging breaches of fiduciary duty and claiming millions of dollars in damages for retirement plan...more

Akerman LLP

Universities: Growing Concern With Explosion of Retirement Plan Fee-Related Lawsuits

Akerman LLP on

In a concerning development for universities and other institutions of higher learning nationwide, a growing number of schools, including Massachusetts Institute of Technology, New York University, Yale University, Johns...more

Franczek P.C.

Multiple Universities Sued Over 403(b) Retirement Plan Investment Fees

Franczek P.C. on

In the last several days, a number of large private universities have been sued regarding the investment fees in their 403(b) retirement plans. The lawsuits claim that these universities breached their fiduciary duties under...more

Davis Wright Tremaine LLP

Excessive Fee Litigation Hits 403(b) Plans: What Nonprofit Fiduciaries Need to Know

The recent well-publicized announcement of lawsuits against 403(b) plans of Duke, Yale, NYU, Vanderbilt, and other universities opens a new chapter in ERISA litigation over excessive plan fees. We have reported on this type...more

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