Columbia University, New York, agreed to settle allegations of ERISA violations in two retirement plans less than a week before a trial was scheduled to start.
An attorney representing the university's trustees and plan fiduciaries sent a joint letter with an attorney representing current and former plan participants to U.S. District Court Judge George B. Daniels on Wednesday announcing a tentative agreement.
Terms weren't disclosed. A detailed report of the agreement will be filed with the judge by May 24, the attorneys wrote.
Columbia University and fiduciaries were sued in August 2016 in two separate complaints alleging a series of ERISA violations, including charging "unreasonable" record-keeping fees and retaining poor performing investments.
The lawsuits were consolidated in 2017 as Cates et al. vs. The Trustees of Columbia University et al.
As of Dec. 31, 2019, the Retirement Plan for Officers of Columbia University had $4 billion in assets, and the Columbia University Voluntary Retirement Savings Plan had assets of $3 billion, both according to the latest Form 5500s.
