Cornell Asks 2nd Circ. To Drop ERISA Class Action

By Alexis Shanes (July 28, 2021, 7:25 PM EDT) -- Cornell University urged the Second Circuit on Wednesday to back a lower court's decision axing allegations that the Ivy League school mismanaged its employee retirement plans, saying the class didn't have evidence supporting claims that the plans paid unreasonable fees and offered poor-performing investment options.

In a Tuesday brief, Cornell asked the appellate court to sustain a New York federal judge's September 2019 summary judgment ruling in the Employee Retirement Income Security Act case, which got rid of all but one of the class' claims. Cornell settled the final claim for $225,000 in September 2020, appeasing part of the once-28,000-member class...

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