ST. LOUIS (AP) — A St. Louis law firm says it has filed a class action lawsuit against Duke University on behalf of more than 20,000 of its employees enrolled in the school’s contribution retirement plan.
A statement from Schlichter, Bogard & Denton on Wednesday said the lawsuit was filed in U.S. District Court for the Middle District of North Carolina.
Attorney Jerry Schlicter said Duke caused plan participants to pay millions of dollars in fees for record keeping, administrative and investment services. The plaintiffs also say Duke failed to consider or offer lower-cost investment alternatives, and selected and retained a number of duplicative options, some of which had historically underperformed.
A statement from Duke said the investments are reviewed and carefully managed to provide low costs and good outcomes for employees.