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Columbia Workers Regain Class Status in Excessive Fee Dispute

Nov. 19, 2018, 2:18 PM

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 ...