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Columbia, Cornell Can’t Limit Damages in Retirement Plan Suits

April 2, 2019, 1:52 PM

Columbia University employees can seek up to $74 million in damages tied to a suite of allegedly underperforming retirement plan investments, despite the school’s objection that their legal strategy amounted to “sandbagging.”

The school tried to block the employees from challenging 20 plan investments that weren’t specifically identified in their lawsuit. Columbia accused the employees of keeping focus on two specific investment funds for more than two years and then filing an expert report claiming 20 additional funds were also poor performers that caused an additional $74 million in losses.

Magistrate Judge Stewart D. Aaron of the U.S. District Court ...