Cornell Beats Bulk of Retirement Plan Class Suit Before Trial

Cornell University defeated key portions of a class action challenging its retirement plan after a federal judge in New York excluded expert witness opinions on the appropriate level of administrative fees for a large retirement plan.

The Sept. 27 ruling by Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York resolves nearly all the case’s pending claims in Cornell’s favor before trial. The class of 28,000 Cornell plan participants can go to trial on one claim challenging the plan’s TIAA-CREF target-date funds.

Castel said the Cornell participants plausibly argued that it was imprudent ...