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Courts

Plaintiff drops ERISA suit against University of Rochester, 403(b) plan fiduciaries

The plaintiff in an ERISA lawsuit against the University of Rochester and fiduciaries of its 403(b) plan has dropped the suit, according to a notice submitted Monday to the U.S. District Court in Rochester, N.Y.

The notice, filed by Christopher D'Amore, a participant in the University of Rochester Retirement Program, gave no reason for the withdrawal. He had filed in May, accusing the university and plan fiduciaries of several violations of their duties regarding fees and plan administration under the Employee Retirement Income Security Act.

Mr. D'Amore "voluntary dismisses with prejudice the above entitled action, with each party to bear its own fees and costs," said the notice in the case of D'Amore et al. vs. University of Rochester et al.

Mr. D'Amore, whose suit sought class-action status, claimed that the plan had "grossly excessive" fees charged by the plan's record keeper TIAA-CREF. He contended that the university should have hired a third party to review fees charged by TIAA, which wasn't named as a defendant. After the lawsuit was filed, the university responded that its "retirement plan assets are prudently managed and the fees charged are competitive and reasonable."

The University of Rochester Retirement Program had $4.21 billion in assets as of June 30, 2017, according to the latest Form 5500.