Plaintiffs In ERISA Fees Suit Don’t Meet Class Cert Requirements, University Says

Mealey's (May 21, 2021, 7:51 AM EDT) -- ST. LOUIS — Participants in a 403(b) retirement plan who allege that excessive administrative and record-keeping fees led to lower overall returns have not established that they meet class certification requirements including typicality and adequacy and cannot represent a class because their claim challenging many funds and fees over more than a decade is subject to individualized defenses, defendants Washington University in St. Louis and the Washington University in St. Louis Board of Trustees (Wash U, collectively) assert in a May 11 memorandum to a federal judge in Missouri opposing class certification....