Benefits & Executive Compensation News

Big Law Steps In to Defend University Retirement Plans

Sept. 12, 2016, 10:02 PM

A dozen major universities have signed on big name law firms to represent them as they face legal challenges over the way they run their retirement plans.

In early August, the St. Louis-based plaintiffs’ law firm Schlichter Bogard & Denton coordinated the filing of class actions against 12 universities, among them Yale University, the University of Southern California and Duke University. The Schlichter firm is known for its decade-long litigation against major employers and their 401(k) plans, and a number of multimillion-dollar settlements.

These latest lawsuits take aim at the universities’ retirement plans—known as 403(b) plans. Generally, the lawsuits allege...

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