Penn Agrees To Shell Out $13M To End ERISA Suit

Law360 (January 15, 2021, 3:56 PM EST) -- The University of Pennsylvania will pay $13 million to end a proposed class action accusing it of mismanaging its employee retirement plans, becoming the eighth elite university in recent years to settle claims that it violated the Employee Retirement Income Security Act.

The lead plaintiffs on Thursday asked U.S. District Judge Gene Pratter to OK the deal, which also requires the Ivy League school to rework the menu of investment opportunities it offers retirement plan participants and streamline recordkeeping services for the plan.

The August 2016 ERISA suit had accused Penn of maintaining costly investment options that performed poorly while also...

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