Vanderbilt University, Medical Center Sued Over Retirement Fund

Vanderbilt University and Vanderbilt University Medical Center were separately sued by proposed classes of employees challenging the performance of a single actively managed retirement fund from Vanguard.

The lawsuits, docketed Wednesday in the US District Court for the Middle District of Tennessee, center on the Dividend Growth Fund from non-party Vangaurd, which invests primarily in large-cap stocks that tend to offer current dividends. This fund consistently underperformed its benchmarks and the returns achieved by similar investment strategies, and a prudent retirement plan fiduciary would have acted swiftly to swap it for a better option, according to the pair of complaints ...