Justices Urged to Save 401(k) Fiduciaries From Flood of Lawsuits

A U.S. Supreme Court case that could affect more than 100 lawsuits challenging retirement plan fees heated up this week, when the court received a stack of briefs urging it to protect plan fiduciaries from the threat of constant litigation.

The justices are being urged to affirm a 2020 decision by the U.S. Court of Appeals for the Seventh Circuit rejecting a challenge to Northwestern University’s retirement plan fees and investment lineup brought under the Employee Retirement Income Security Act. The court on Thursday received seven briefs from a wide range of stakeholders, including the higher education and business communities, ...