Penn Calls on SCOTUS to Address College Retirement Plan Lawsuits

The litigation over how 20 prominent universities manage their retirement plans inched closer to the U.S. Supreme Court when the University of Pennsylvania asked the justices to review a lawsuit challenging the school’s plan.

Supreme Court review is “urgently needed” to correct errors in how the U.S. Court of Appeals for the Third Circuit handles allegations of fiduciary breach under the Employee Retirement Income Security Act, Penn said in its petition for review.

The Third Circuit’s decision greenlighting the Penn workers’ ERISA claims departs from settled law governing how courts evaluate complaints and “sows enormous confusion” for retirement plan fiduciaries, ...