Penn Employees Win Revival of Suit Over Retirement Plans (2)

University of Pennsylvania employees will get a second shot at their lawsuit accusing the school of mismanaging their retirement plans.

The U.S. Court of Appeals for the Third Circuit revived the employees’ proposed class action May 2, saying they can proceed with their breach of fiduciary duty allegations under the Employee Retirement Income Security Act. The 2-1 panel partly reversed a 2017 dismissal.

Penn had been the first of more than a dozen elite U.S. colleges to defeat such claims outright after employees launched a wave of nearly identical lawsuits in 2016. Yale, Vanderbilt, Johns Hopkins, Cornell, NYU, Columbia, ...