Attorneys representing members of the Princeton University 403(b) plan and attorneys for the plan’s trustees have reached a settlement in a class-action case charging that the trustees breached their fiduciary duty.
The settlement was disclosed in a letter from Lite DePalma Greenberg, the attorneys for the plaintiffs. to the federal court judge in New Jersey hearing the case.
The settlement follows the pattern of similar cases in which the 403(b) plans of other elite universities, including Yale, Johns Hopkins and Cornell, were sued over fees and investment options.
One lawsuit that went to trial, involving the University of Pennsylvania, was dismissed. And Northwestern University prevailed on appeal in a case that charged university representatives with failing to negotiate a better deal for the school’s 403(b) plan participants.
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New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
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A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
