Lawyers for University of Pennsylvania employees and retirees suing the school for alleged retirement-benefits violations asked the U.S. Supreme Court on Wednesday to turn down a petition that said the allegations had failed to meet certain threshold standards to proceed in court.

Participants in Penn’s $3.8 billion retirement plan won a key ruling in the U.S. Court of Appeals for the Third Circuit last year that revived core elements of the complaint alleging a breach of fiduciary duty under the federal Employee Retirement Income Security Act, or ERISA. The plan participants, represented by Jerome Schlichter of the St. Louis firm Schlichter Bogard & Denton, contend Penn “caused the plan to pay wholly unnecessary fees, resulting in millions of dollars in lost retirement savings.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]