New York University is a private research institution that offers certificates, diplomas, associate, bachelor's, master's, doctoral, and professional degrees in the arts, sciences, dentistry, mathematics, fine arts, law, medicine, business, public service, and music. The university includes the Henry Kauffman School of Management and the Stern School of Management. New York University was founded in 1831 and is based in New York, New York.
70 Washington Square South
New York, NY 10012
Founded in 1831
Schlichter, Bogard & Denton Files Class Action Lawsuits against Massachusetts Institute of Technology, New York University, and Yale University
Aug 9 16
Schlichter, Bogard & Denton filed separate class action lawsuits against three universities on behalf of over 60,000 employees in their defined contribution retirement plans. The complaints, David B. Tracey, et al., v. Massachusetts Institute of Technology, et al.; Dr. Alan Sacerdote, et al., v. New York University, et al.; and Joseph Vellali, et al., v. Yale University, et. al., were filed in the U.S. District Courts of Massachusetts, the Southern District of New York, and the District of Connecticut, respectively. Common to all three complaints are allegations that each of these universities, as employee retirement plan sponsors, breached their duties of loyalty and prudence under the Employee Retirement Income Security Act (ERISA) by causing plan participants to pay millions of dollars in unreasonable and excessive fees for recordkeeping, administrative, and investment services of the plans. The complaints further allege that the universities breached their fiduciary duties by selecting and retaining numerous high-cost and poor performing investment options compared to available alternatives, which substantially reduced the retirement assets of the employees and retirees. In the cases of New York University and Yale University, both 403(b) type plans, the complaints allege employees paid excessive recordkeeping fees in addition to selecting and imprudently retaining funds which historically underperformed for years. The complaints also state that in contrast to actions by prudent fiduciaries of other similarly sized defined contribution plans, these universities each used multiple recordkeepers, rather than a single recordkeeper. Consequently, by using multiple recordkeepers, the universities caused plan participants to pay duplicative, excessive, and unreasonable fees for plan recordkeeping services. In the case of Massachusetts Institute of Technology, a 401(k) plan, the complaint alleges that MIT’s close relationship with Fidelity Investments led to its selection as plan recordkeeper, without any competitive bidding process in violation of the university’s duty to act in the exclusive interest of its employees and retirees according to the complaint, Abigail Johnson has been a member of the MIT Board of Trustees for years and is also CEO of Fidelity, which her family controls. It also alleges that MIT placed over 150 Fidelity funds, including high priced retail funds in the plan, in spite of the plan being a $3.5 billion plan able to command lower fees. This has caused participants to pay unreasonable administrative and investment management expenses.
NYU Presents at NewYork BIO Annual Conference 2016, May-11-2016 01:30 PM
May 8 16
NYU Presents at NewYork BIO Annual Conference 2016, May-11-2016 01:30 PM. Venue: New York, United States. Speakers: Frank Rimalovski.
New York University Presents at NewYork BIO Annual Conference 2016, May-11-2016 01:30 PM
May 4 16
New York University Presents at NewYork BIO Annual Conference 2016, May-11-2016 01:30 PM. Venue: New York, United States. Speakers: Abram Goldfinger.