Columbia settles for $13 million in class-action lawsuit over ‘unnecessarily expensive and underperf

Columbia settles for $13 million in class-action lawsuit over ‘unnecessarily expensive and underperforming’ employee retirement plans

6/1/21
By: Columbia Spectator

Columbia settled for $13 million in a class-action lawsuit over the management of its employee retirement plans six days before the case was set to go to trial. In Cates, et al. v. Trustees of Columbia University, et al., one of the first cases scheduled to go to trial in federal court in the Southern District of New York following the lockdown, the plaintiffs alleged that the University’s 403(b) retirement plan—the nonprofit version of a 401(k)—breached its fiduciary duties.

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