Supreme Court Reverses Decision, Empowers Cornell University Employees to Challenge Fee Practices
WASHINGTON — The U.S. Supreme Court recently overturned a lower court’s decision regarding a lawsuit brought by employees of Cornell University. These employees contend that the university’s retirement plan involved paying excessively high recordkeeping fees. This pivotal ruling allows the plaintiffs to proceed with their claims, potentially setting a significant precedent in employee retirement plan litigation. In a unanimous decision, the justices clarified a crucial aspect of the Employee Retirement Income Security Act (ERISA), asserting that plaintiffs are not required to demonstrate that exceptions to ERISA’s rules on prohibited transactions are inapplicable in their cases. … Read more