US Law Week

Cornell Facing 28,000-Person Retirement Plan Class Action

Jan. 23, 2019, 2:42 PM

More than 28,000 investors in Cornell University’s retirement plan received class status in their lawsuit targeting the plan’s fees and investment options.

A federal judge Jan. 22 rejected Cornell’s argument that the investors who filed suit lacked standing to challenge plan investments they didn’t personally hold. By investing in—and allegedly suffering losses from—some of the challenged funds in Cornell’s retirement plan, the investors had standing to represent other plan participants who invested in different funds that suffered from the same alleged flaws, the judge said.

The ruling cites recent decisions certifying similar class actions involving the retirement plans of New...

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