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Cornell Ends ERISA Suit With Modest Settlement After Legal Win

Sept. 22, 2020, 1:50 PM

Cornell University will pay $225,000 to settle a 28,000-person class action challenging the fees and investment options in the school’s retirement plan, according to settlement papers filed in the U.S. District Court for the Southern District of New York.

The deal, announced Monday, resolves the case’s sole remaining claim: a challenge to the plan’s decision to offer retail share classes of certain target-date funds. Judge P. Kevin Castel resolved most of the case in Cornell’s favor in 2019.

The $225,000 settlement amount represents nearly 80% of the plan participants’ possible damages on their remaining claim, according to the parties’ settlement...

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