Mealey's (August 10, 2016, 12:17 PM EDT) -- The Massachusetts Institute of Technology (MIT), New York University (NYU) and Yale University were sued Aug. 9 in separate putative class action lawsuits on behalf of more than 60,000 employees in their defined contribution retirement plans who claim that the universities, as plan sponsors, breached their duties of loyalty and prudence under the Employee Retirement Income Security Act by causing plan participants to pay millions of dollars in unreasonable and excessive administrative fees (David B. Tracey, et al. v. Massachusetts Institute of Technology, et al., No. 1:16cv11620, D. Mass.; Dr. Alan Sacerdote, et al. v. New York University, et al., No. 1:16cv6284, S.D. N.Y.; Joseph Vellali, et al. v. Yale University, et al., No. 3:16cv1345, D. Conn.)....