Saturday, November 19, 2016
A St. Louis lawyer who has been pressing universities and corporations to slash retirement plan fees has doubled down on his allegations that the Massachusetts Institute of Technology overpaid Fidelity Investments for years because of gifts it received from the mutual fund giant’s nonprofit foundations.
In an amended complaint this week, Jerome J. Schlichter alleges that MIT failed to properly monitor fees on its $3.6 billion 401(k) plan for employees, or put it out to competitive bids, in part because Fidelity chief executive Abigail Johnson serves on the MIT board of trustees.
Schlichter has filed lawsuits against MIT, Yale University and 10 other school, contending that they caused their employees to pay tens of millions of dollars in excess fees...
Full story at http://www.bostonglobe.com/business/2016/11/18/lawsuit-alleges-mit-overpaid-fidelity-retirement-plan-fees-costing-employees-millions/hrsghWOpBzrwuaBpTgqNYM/story.html