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MIT folds in class action lawsuit

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Kenny Roger’s “The Gambler” song has some great tips. You need to know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run.

 

MIT wisely settled a class-action lawsuit concerning their retirement plans and the relationship with Fidelity as a plan provider and Abigail Johnson’s role at Fidelity and as an MIT trustee. I knew a settlement was imminent when Johnson fought the attempts to force her to testify.

 

I don’t know the particulars of the MIT-Fidelity relationship, other than the fact that it looked bad on paper and some MIT officials said some things about the relationship in connection with fundraising that would give a bad impression at trial. The appearance of impropriety is enough some times.

 

We won’t know the details of the settlement until October.

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