Bloomberg Law
Oct. 25, 2019, 8:08 PM

Columbia Fails to Shed Suit Over Retirement Plan Costs

Peter Hayes
Peter Hayes

Columbia University failed to brush off claims by former and current employees that the university breached its duty to participants in two defined contribution retirement plans by incurring excessive recordkeeping fees.

Columbia’s argument that it cut costs by going from three recordkeepers to two and wasn’t required to consolidate to a single recordkeeper doesn’t warrant dismissal of the claims, the U.S. District Court for the Southern District of New York said.

There is a disputed issue as to whether failing to consolidate to a single recordkeeper caused Columbia to pay excessive recordkeeping fees.

The plan participants argue that Columbia continually ...