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Washington University in St. Louis agreed to pay $7.5 million as part of a Teachers Insurance and Annuity Association of America (TIAA) lawsuit settlement to resolve claims it mismanaged employee retirement plans.
The settlement benefits individuals who were participants, beneficiaries or alternate payees of the Washington University in St. Louis Retirement Savings Plan between June 8, 2011, and March 31, 2022.
Washington University in St. Louis is a private university with over 14,500 full-time students enrolled in over 300 programs taught by 3,645 faculty. Thousands of faculty and other staff may be enrolled in the university’s retirement savings plan.
However, according to a class action lawsuit, Washington University may have mismanaged these plans at the cost of employee retirement funds.
Instead of managing the fund itself and fulfilling its fiduciary duties, Washington University allegedly handed the fund’s management over to the Teachers Insurance and Annuity Association of America and College Retirement Equities Fund (TIAA-CREF) and Vanguard.
According to the retirement class action lawsuit, these companies poured the retirement’s funds into proprietary products through TIAA, resulting in exorbitant fees for both TIAA and Vanguard.
“The Plan and its participants lost the potential growth their investments could have achieved had the Defendants properly discharged their fiduciary duties,” the Washington University class action lawsuit contends.
The plaintiffs argue this management of the retirement fund violated the federal Employee Retirement Income Security Act (ERISA). The class action lawsuit argues that, under ERISA, Washington University had specific fiduciary duties to ensure the fair and successful management of the fund. The university allegedly failed in these duties.
Washington University in St. Louis hasn’t admitted any wrongdoing under ERISA or other laws, but agreed to resolve these allegations with a $7.5 million class action lawsuit settlement.
Under the terms of the settlement, class members can collect a cash payment. Payments depend on the size of each class member’s end-of-quarter account balances during the class period.
According to the settlement website, payments will be at least $25 but will vary widely, with higher account balances resulting in higher shares of the Washington University in St. Louis settlement fund.
Washington University has also agreed to provide non-monetary benefits as part of the settlement. The university will continue to provide annual fiduciary training, will evaluate the plan’s policy statements at least once a year and will make other changes to ensure the fair administration of the retirement fund.
Class members cannot opt out of the TIAA lawsuit settlement. However, they may choose to object to the settlement by Aug 11, 2022.
The final approval hearing for the Washington University in St. Louis settlement is scheduled for Aug. 31, 2022.
No claim form is required to benefit from the TIAA lawsuit settlement. Payments will be automatically distributed to class members who do not opt out of the settlement.
Who’s Eligible
The settlement benefits individuals who were participants, beneficiaries or alternate payees of the Washington University in St. Louis Retirement Savings Plan between June 8, 2011, and March 31, 2022.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Objection Deadline
08/11/2022
Case Name
Davis, et. al. v. Washington University in St. Louis, et. al., Case No. 4:17-cv-01641-RLW in the U.S. District Court for the Eastern District of Missouri
Final Hearing
08/31/2022
Settlement Website
Claims Administrator
Washington University ERISA Settlement
c/o Settlement Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
info@WashingtonUniversityERISAsettlement.com
888-874-1788
Class Counsel
Todd Collins
BERGER MONTAGUE OC
Steve Schwartz
CHIMICLES SCHWARTZ KRINER & DONALDSON-SMITH LLP
John Nestico
SCHNEIDER WALLACE COTTRELL KONECKY WOTKYNS LLP
Defense Counsel
Brian T Ortelere
MORGAN LEWIS & BOCKIUS LLP
Deborah S. Davidson
Matthew A. Russell
MORGAN LEWIS & BOCKIUS LLP
Christopher A. Smith
HUSCH BLACKWELL
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