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Penn Denied Supreme Court Look at Retirement Plan Battle

March 30, 2020, 1:34 PM

The U.S. Supreme Court won’t use a case involving the University of Pennsylvania’s retirement plan to decide what benefit plan participants must allege in their complaints in order to proceed to discovery.

The proposed class action, which targets the fees and investment options in Penn’s retirement plan, asked the justices to decide whether the pleading standard in Bell Atlantic Corp. v. Twombly, a widely-cited antitrust case, also applies to claims of fiduciary breach under the Employee Retirement Income Security Act. In Twombly, the Supreme Court held that allegations that are “merely consistent” with unlawful conduct but “just as...

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