Northwestern University scored a big victory in the Seventh Circuit Wednesday, when the court rejected a lawsuit claiming the school mismanaged its retirement plans.
Northwestern’s two retirement plans offered a wide range of appropriate investment options and used reasonable arrangements for paying record keeping fees, the court ruled in an opinion by Judge Michael B. Brennan. The school wasn’t obligated under the Employee Retirement Income Security Act to design the plan according to the plaintiffs’ specific preferences, Brennan said.
Brennan’s opinion comes one year after the U.S. Court of Appeals for the Third Circuit became the first appeals court to ...