$10.65 Million ERISA Settlement Filed in Duke University Fiduciary Cases

 “Unreasonable” administrative expenses and a failure to monitor investment options will cost Duke University $10.65 million. Duke settled the claim with participants in the University’s 403(b) plan who alleged the University breached their ERISA duties. Schlichter Bogard & Denton, the St. Louis law firm that has filed a series of ERISA lawsuits against large private universities, filed the preliminary settlement proposal. In addition to the monetary provisions, the University will provide participants with details about new investment options. The University will also provide plaintiffs’ attorneys with a list of fees, investment options and a policy statement each year for the next two years.