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Columbia Univ. Retirement Plan Administrators Free of Lawsuit

Oct. 19, 2018, 4:07 PM

Columbia University employees challenging the fees in their retirement plans dropped their claims against six individual defendants involved in managing the Columbia plans.

The employees, who say their proposed class action is 28,000 people strong, claim that excessive administrative fees and bad investments caused about $320 million in lost retirement savings. On Oct. 18 they dropped their claims against six individuals who served as plan administrators and vice presidents for human resources at Columbia. This voluntary dismissal is based in part on Columbia’s agreement to cover any liability that might be assessed against these defendants, according to the joint stipulation. ...