Retirement Plan Breach of Fiduciary Duty
Class action lawsuits were filed against several major U.S. universities, including Johns Hopkins, on behalf of retirement plan participants. The lawsuits allege breaches of fiduciary duties—under the Employee Retirement Income Security Act (ERISA)—causing investors to pay millions of dollars in excessive fees. The suits also allege the universities improperly included high-cost investment options in their plans. The lawsuit against Johns Hopkins was filed on behalf of 24,000 faculty and staff. In August 2019, Johns Hopkins agreed to settle the lawsuit for $14 million and other non-monetary terms.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Complaint
|Johns Hopkins University||$14,000,000|