The USC403(b) case had the potential to dramatically impact the growingbody of claims against sponsors of retirement plans. (Photo:Shutterstock)
The Supreme Court will not review a 403(b) excessive fee lawsuit brought againstfiduciaries of the University of Southern California's retirementplan, according to a document from the High Court released thisweek.
Last November, USC petitioned the Supreme Court to review adecision from the Ninth Circuit Court of Appeals. In 2016, Munro v.USC was filed in U.S. District Court for the Central District ofCalifornia. Plaintiffs alleged millions in plan assets were lost toexcessive recordkeeping fees, expensive retail investmentofferings, and onerous surrender charges on annuities offered inthe plan.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.