Nine class actions lawsuits against universities have been filed in the last week, with each lawsuit alleging breaches of fiduciary duty related to the fees charged and the investment options offered to participants in the universities’ 403(b) plans. These lawsuits – all filed by the same St. Louis law firm – are an outgrowth of the burgeoning 401(k) fee litigation over the last several years. As such, similar risk mitigation strategies as those utilized by 401(k) plans could potentially be used by 403(b) plans.

For more information on the allegations made in the lawsuits and the beginning steps that may be taken to reduce the risk of a lawsuit, please read our recent client alert: Colleges and Universities Targeted in Class Action Lawsuits over Operation of Retirement Plans.