Court Grants Settlement Approval in Washington University ERISA Litigation
Washington University in St. Louis agreed to pay $7.5 million to settle a proposed class action brought on behalf of thousands of workers who said their retirement plan was saddled with excessive fees after the Eight Circuit Court of Appeals revived the case in May 2020.
The settlement was reached on behalf of nearly 27,000 university workers, retirees, and beneficiaries of Washington University. In addition to the settlement fund, the settlement would require the University, along with other changes, to train its retirement plan advisory committee members on a yearly basis.
The case was filed by Edgar Law Firm and other co-counsel in 2017 alleging that Washington University allowed its retirement plan to charge excessive record-keeping fees and invest in underperforming funds. The Court dismissed the lawsuit in September 2018, but the decision was appealed to the Eighth Circuit Court of Appeals. The Eighth Circuit revived the lawsuit in May 2020.
Latasha Davis, et al. v. Washington University in St. Louis, et al., case number 4:17-cv-01641, in the U.S. District Court for the Eastern District of Missouri.