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As the judge noted, the NYU investment committee overseeing the funds had issues, but was able to perform its role adequately, thanks to the advice and guidance of ‘the more well-equipped [c]ommittee members.’ (Photo: Shutterstock)
U.S. District Judge Katherine Forrest of the Southern District of New York Tuesday agreed with New York University in an Employee Retirement Income Security Act suit brought by employees that alleged the trustees of university retirement accounts failed to uphold their fiduciary duties.

Forrest found that the plaintiffs failed during an April bench trial to prove that the trustees acted imprudently, or that the retirement savings plans they administered suffered losses as a result of their actions.

The class action was one of a dozen or so brought by Schlichter Bogard & Denton clients on similar ERISA grounds, and the first to go to trial, Forrest noted in her opinion.

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