Columbia University targeted in $100 million lawsuit over excessive retirement plan fees

InvestmentNews
August 17, 2016

Columbia University was sued Tuesday on claims its retirement plans charged excessive fees. This follows a string of similar litigation filed over the past week against several top universities, leading to speculation that these suits are merely the first volleys in what's likely to be a developing trend.

The plaintiff in the proposed class-action lawsuit is seeking $100 million from Columbia for losses suffered by two retirement plans and their participants due to the allegedly unreasonable investment management and record-keeping fees.

Since Aug. 9, at least eight other schools — Yale, Duke, New York University, MIT, Johns Hopkins, the University of Pennsylvania, Vanderbilt and Emory — were targeted with claims that retirement plans harmed employees through excessive fees. Read More.