Retirement plan fee litigation has become a primary concern among investment advisory firms. A new wave of lawsuits commenced in mid-2015 against for-profits, and in August, law firm Schlichter Bogard Denton filed class actions against almost a dozen universities alleging breaches of ERISA fiduciary duties, the first such cases against nonprofits. Though it’s too soon to know how these particular cases will be resolved, investment advisory firms have good reason to worry: they may be contractually bound as co-fiduciaries and could be pulled into the lawsuits.
On September 15, Nixon Peabody will present a special briefing to address the concerns that retirement plan fee litigation presents for investment advisors and what they should do to minimize their risk of liability. Specific topics include:
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