Johns Hopkins University Sued Over Retirement PlanAugust 12, 2016 |
BALTIMORE —Johns Hopkins University has joined a growing list of schools accused by a law firm of offering poorly performing retirement funds that charge excessive fees.
St. Louis-based firm Schlichter, Bogard & Denton filed a class action lawsuit Thursday in U.S. District Court in Baltimore on behalf of more than 24,000 Johns Hopkins University employees.
The lawsuit says the employees lost a combined $35 million or more in the last six years in excessive fees. It also says the school offered too many investment options, some of which had historically underperformed.
University officials said in a statement that the school’s retirement offerings are “generous” and “carefully managed.”
The firm also filed eight similar lawsuits this week against universities around the country, including New York University, Yale University and Duke University.