US. Brown University Retirement Plan Lawsuit Advances
Brown University staff can advance some of their claims in a challenge over how the elite college managed their retirement savings.
The workers can move on with their claims related to record-keeping services, including that Brown acted imprudently by using more than one record-keeper, not employing competitive bidding in its selection, and allowing the plans to pay excessive administrative fees, Chief Judge William E. Smith of the U.S. District Court for the District of Rhode Island held July 11.
The workers also can advance their claim that the university breached its fiduciary duties by selecting more expensive funds with poor historical performance, such as the CREF stock account and the TIAA real estate account, Smith said.
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