A lawsuit challenging the fees and investments options offered in the retirement plan sponsored by The University of Pennsylvania was dismissed by the U.S. District Court for the Eastern District of Pennsylvania, according to Bloomberg BNA.
Bloomberg BNA reported Thursday that Penn was the first elite college — others being sued similarly include Yale, Johns Hopkins and Cornell — to win a complete dismissal.
Plaintiffs suing New York University, Columbia, Princeton, Duke, Emory and MIT over retirement plan mismanagement have been given partial green lights to proceed in court, according to Bloomberg BNA.
The Penn case represents a setback for plaintiff's attorney Jerome Schlichter of Schlichter, Bogard & Denton, who has brought several of these types of cases in the past.
