Penn will pay $13 million to settle class action lawsuit over excessive retirement plan fees thedp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedp.com Daily Mail and Mail on Sunday newspapers.
University of Pennsylvania to pay $13 million to settle ERISA case
The Ben Franklin statue on the University of Pennsylvania campus in Philadelphia
University of Pennsylvania, Philadelphia, has agreed to pay $13 million to settle a long-running court case in which current and former participants alleged that fiduciaries of a university 403(b) plan violated ERISA guidelines in managing the plan.
The proposed settlement also contains agreements by the university and its fiduciaries to make a series of changes in the plan s operations, including investment lineup revisions, a record-keeping RFP and a prohibition of cross-selling non-plan products by record keepers.
The agreement requires court approval. A settlement document was submitted Thursday to a U.S. District Court judge in Philadelphia.