Washington University in St. Louis is the latest college to face a proposed class action over the fees and investment options in its retirement plan (Davis v. Wash. Univ. in St. Louis, E.D. Mo., No. 4:17-cv-01641, complaint filed 6/8/17).
The lawsuit, filed June 8 in the U.S. District Court for the Eastern District of Missouri, says the university’s retirement plan overpaid for administrative and record-keeping services and offered “historically underperforming” investment options. The lawsuit takes particular aim at the plan’s reliance on two companies—TIAA and Vanguard—for record-keeping services. The use of multiple record keepers confuses investors and leads ...