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3rd Circ. Revives ERISA Class Action Against UPenn

3rd Circuit Revives ERISA Class Action Against UPenn

By Emily Brill for The Third Circuit breathed new life into a proposed Employee Retirement Income Security Act class action against the University of Pennsylvania on Thursday, reviving claims that the school's retirement plan squandered workers' savings on steep administrative fees and high-cost, low-return investment options. In a 2-1 decision, the court revived two breach-of-fiduciary-duty claims against the university, writing that the proposed class of current and former Penn workers "plausibly alleged that Penn failed to conform to the high standard required of plan fiduciaries" when operating its retirement plan. The suit accused Penn of allowing its plan to pay $4.5 million...

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