MIT Workers Win Class Status in Retirement Fee Lawsuit

Four Massachusetts Institute of Technology workers can proceed as a class in their lawsuit accusing the university of violating federal benefits law by allowing excessive fees and imprudent investment options in its $3.8 billion retirement plan.

The workers will represent a class of at least 16,000 participants in the university’s retirement plan.

The ruling comes one year after a federal judge adopted a recommendation not to dismiss most of the participants’ claims against the prominent college.

Since 2016, nearly 20 universities have been sued under the Employee Retirement Income Security Act over how they managed their workers’ retirement savings.

So ...