Since August 1st, twelve Class Action lawsuits were filed against universities for breaches of ERISA Fiduciary Duties:
Yale: $3.6 Billion Assets under management (AUM), 37,939 participants NYU: $4.2 Billion AUM, 24,164 participants Columbia: $4.6 Billion AUM, 27,000 participants (there are two separate lawsuits) Cornell: $3.1 Billion AUM, 29,452 participants U of Penn: $3.88 Billion AUM, 26,904 participants Duke: $4.7 Billion AUM, 37,939 participants Johns Hopkins: $4.3 Billion AUM, 24,561 participants Vanderbilt: $3.4 Billion AUM, 41,863 participants Northwestern: $2.87 Billion AUM, 33,015 participants USC: $2.19 Billion AUM, 28,423 participants Emory: $3.66 Billion AUM, 51,797 participants
Here are some allegations: . No competitive bidding process . Excessive fees . Underperforming mutual funds . Duplicative mutual funds . Incorrect, more expensive (sometimes Retail), Share Class
Class Action is in session!