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September 19, 2018

NYU Seeks Sanctions Against Staff, Attorneys in Retirement Case

By Carmen Castro-Pagan

New York University’s retirement plan committee wants a federal judge to impose monetary sanctions against six employees and the law firm representing them in a dispute over how the university manages its retirement plans.

St. Louis-based Schlichter Bogard & Denton LLP is best known for spearheading 401(k) fee litigation some 12 years ago. Schlichter in 2016 filed a dozen lawsuits against prominent universities, including NYU, accusing them of allowing excessive fees and imprudent investments in their retirement plans.

Sanctions should be imposed against the employees and Schlichter for filing a duplicative lawsuit in a “blatant attempt to avoid” the court’s prior rulings, the NYU retirement plan committee said in a motion filed Sept. 18 in the U.S. District Court for the Southern District of New York. The committee asked, in the alternative, for an award of attorneys’ fees.

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