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Update:
- Yale University claims a class of workers who filed a class action lawsuit against the school should present their case to a bench trial, rather than a jury trial, according to testimony in a Connecticut federal court.
- The class of Yale workers argue the university injured them by allegedly making bad investments in its $5 billion retirement plan that caused them to pay higher costs than necessary.
- Yale argues that the workers’ claims under the Employee Retirement Income Security Act and Seventh Amendment give them the right to a jury trial.
- The university argues that nearly every judge presiding over similar claims against private universities has ruled that a jury trial is not necessary.
Yale retirement plan class action lawsuit overview:
- Who: A judge granted partial summary judgment to Yale University in a class action plaintiffs Joseph Vellali, Nancy S. Lowers, Jan M. Taschner and James Mancini filed against it.
- Why: The plaintiffs claim Yale mismanaged its retirement plan by allegedly having deficient processes for monitoring investments and recordkeeping fees.
- Where: The class action lawsuit was filed in Connecticut federal court.
(Oct. 25, 2022)
A federal judge in Connecticut granted partial summary judgment to Yale University in a class action lawsuit revolving around how the school handles its retirement plan.
Plaintiffs Joseph Vellali, Nancy S. Lowers, Jan M. Taschner and James Mancini claim Yale violates the Employee Retirement Income Security Act (ERISA) with the way it handles its retirement plan.
Vellali, Lowers, Tascher and Mancini argue in their amended complaint that Yale violates ERISA by allegedly breaching its fiduciary duties of prudence and loyalty, engaging in prohibited transactions and failing to monitor retirement plan members to ensure ERISA compliance.
Specifically, the retirement plan holders claim Yale’s “processes for monitoring investments and recordkeeping fees were deficient” and “caused the Plan to pay unreasonable administrative and recordkeeping fees,” according to the Yale class action.
Court dismisses claims Yale breached duties of prudence, loyalty
The court, meanwhile, dismissed the claims of breach of the duties of prudence and loyalty, with all of Yale’s motions for summary judgment for all remaining claims otherwise denied, according to court documents.
Yale breached its fiduciary duties of prudence and loyalty by allegedly “offering too many investment options to participants” and “failing to reduce fees” for several investments offered by The Teachers Insurance and Annuity Association of American, the Yale class action states.
Vellali, Lowers, Tasche, and Mancini want to represent a class of all participants and beneficiaries of the Yale University Retirement Account Plan since Aug. 9, 2010.
Yale was part of a separate class action lawsuit filed in January against a group of 19 of the nation’s top universities by a group of former students accusing them of working together to fix their net price of admission. The case is ongoing?
Do you feel your Yale retirement plan was mismanaged? Let us know in the comments!
The Yale retirement plan class action lawsuit is Vellali, et al. v. Yale University, et al., Case No. 3:16-cv-01345, in the U.S. District Court for the District of Connecticut.
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One thought on Yale argues for bench trial over jury trial in retirement plan class action
I am owed over 165,000.
You better pay me back or else!