MIT Must Defend Lawsuit Over Excessive Fees in Retirement Plan

Massachusetts Institute of Technology couldn’t convince a federal judge to dismiss claims challenging the administrative fees and investment options in its retirement plan (Tracey v. Mass. Inst. of Tech., 2017 BL 357775, D. Mass., No. 1:16-cv-11620-NMG, memorandum and order adopting in part report and recommendation 10/4/17).

Judge Nathaniel M. Gorton Oct. 4 partially adopted the magistrate judge’s 59-page report and recommendation not to dismiss most of the participants’ claims under the Employee Retirement Income Security Act. Gorton refused to dismiss claims that MIT acted imprudently by charging excessive record-keeping fees and failing to choose the least expensive share ...