U. Of Miami Mishandled Nearly $1B Retirement Plan, Suit Says
Law360 (April 30, 2020, 3:43 PM EDT) -- The University of Miami became the latest school to be targeted in an ERISA suit when it was slapped with a proposed class action in Florida federal court claiming the university mismanaged its nearly $1 billion retirement plan.
University of Miami Retirement Savings Plan participants Maria Aceituno, Guillermo Creamer, Lilly Leyva and Augustino Santiago hit the school with a proposed Employee Retirement Income Security Act class action on Wednesday.
The suit — brought on behalf of more than 16,000 plan participants and beneficiaries — alleged that even though the plan had significant clout to bargain for cheaper investment management and administrative...
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