At US Supreme Court, UPenn ERISA Class Rebuts 'Apocalyptic Warnings'
"The decision below could not possibly threaten the availability of retirement plans, as petitioners and their amici suggest," attorney Jerome Schlichter told the Supreme Court.
February 26, 2020 at 06:04 PM
5 minute read
Lawyers for University of Pennsylvania employees and retirees suing the school for alleged retirement-benefits violations asked the U.S. Supreme Court on Wednesday to turn down a petition that said the allegations had failed to meet certain threshold standards to proceed in court.
Participants in Penn's $3.8 billion retirement plan won a key ruling in the U.S. Court of Appeals for the Third Circuit last year that revived core elements of the complaint alleging a breach of fiduciary duty under the federal Employee Retirement Income Security Act, or ERISA. The plan participants, represented by Jerome Schlichter of the St. Louis firm Schlichter Bogard & Denton, contend Penn "caused the plan to pay wholly unnecessary fees, resulting in millions of dollars in lost retirement savings."
Penn's lawyers at Morgan, Lewis & Bockius asked the Supreme Court in December to review the Third Circuit's decision. Last month, the justices directed Schlichter to respond to Penn's petition.
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