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Yale wins 403(b) lawsuit

Yale University won a 403(b) lawsuit filed against them, by Jerry Schlicter’s office.

The suit was filed by Schlicther Bogard LLP, in August 2016.

The lawsuit claimed that employees paid excessive recordkeeping fees in addition to selecting and imprudently retaining underperforming funds. Also, the lawsuit complained about the use of multiple recordkeepers, rather than a single recordkeeper.

Yale prevailed on most counts, in the case. It was a Yale victory, but the jury’s conclusion that there was a breach in allowing unreasonable fees to be charged, but with zero damages reminds me of the USFL v NFL case where the jury claimed the NFL was a monopoly but awarded $1 to the USFL.

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