Panel: UPenn Plan Participants May Pursue Fiduciary Breach Claims

Mealey's (May 3, 2019, 2:13 PM EDT) -- PHILADELPHIA — A divided Third Circuit U.S. Court of Appeals panel on May 2 reversed a Pennsylvania federal judge’s dismissal of allegations that the University of Pennsylvania breached its fiduciary duty when it charged excessive investment fees to 403(b) plan participants but agreed that allegations that the university engaged in prohibited transactions are inadequately pleaded (Jennifer Sweda, et al. v. University of Pennsylvania, et al., No. 17-3244, 3rd Cir., 2019 U.S. App. LEXIS 13284)....