Verrill Attorney Chris Lockman Quoted in Bloomberg Law Article on Northeastern Lawsuit Supreme Court Decision

January 24, 2022 Media Mentions
Bloomberg Law

Verrill attorney Chris Lockman was recently quoted in the Bloomberg Law article Burst of 401(k) Fee Litigation Gets Boost From Supreme Court (2). The article details the Supreme Court's decision to overturn an appellate court's decision to toss out a lawsuit that university employees brought against Northwestern for the school's retirement plan fees and investment line up. The Supreme Court ruled plan fiduciaries must conduct research independently to evaluate which investments may be included in the plan’s options. In the article Chris Lockman, an Employee Benefits & Executive Compensation attorney comments that he hopes that the “Judges will see there are tradeoffs a fiduciary has to weigh, but showing those tradeoffs will lengthen the litigation.” He also commented that “The beauty of the Northwestern decision was the court decided at the motion-to-dismiss stage, before the litigation got really expensive.”

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To read the Benefits Law Update blog post on this Supreme Court decision click here.