The third count of the fiduciary lawsuit alleges that the university:
The fifth count the fiduciary lawsuit claimed that the university allowed the providers to charge unreasonable investment fees. In addition, the university retained high-cost investment options that had a history of performing poorly compared to alternative options. The appeals court filing also said that the university retained multiple options in the same asset class and investment style.
According to 3rd U.S. Circuit Court of Appeals Judge Dennis Michael Fisher, the allegations of breach of fiduciary duty were plausible, and that the District Court mistakenly ignored reasonable inferences that were supported by facts. However, the University of Pennsylvania argues that the plaintiffs failed to plead facts that contradicted inferences that were favorable toward the university.
A spokesperson from the University of Pennsylvania released a statement saying that the court dismissed five of the seven claims, and that the remaining two claims are without merit. He went on the say that the university has a track record of administering the retirement plan in the best interests of the faculty and staff.
If your employer failed to uphold its fiduciary duty, resulting in financial losses, you are urged to contact the Philadelphia employment lawyers at Sidkoff, Pincus & Green P.C. We handle a wide range of employment issues, including investment fraud and financial advisor misconduct. To schedule a confidential consultation, call us today at 215-574-0600 or contact us online. Our offices are located in Philadelphia, where we represent clients in South Jersey, Pennsylvania, and New Jersey.