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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
