Columbia Workers Regain Class Status in Excessive Fee Dispute

Columbia University won class status again in their lawsuit alleging the college allowed excessive fees and poorly performing investment options in its retirement plans.

The parties reached a joint partial stipulation on class status earlier this year, but last week a federal magistrate judge vacated his order certifying the lawsuit as a class action.

The parties wanted a federal district judge, not a magistrate judge, to certify the class. They argued that a magistrate judge doesn’t have authority to certify class actions.

The class includes approximately 28,000 individuals with money invested in Columbia’s $6 billion retirement plans.

Columbia opposed class ...