Yale, MIT, NYU Sued Over Employee Retirement Plans

NEW YORK (AP) — Employees of Yale, the Massachusetts Institute of Technology and New York University are suing the colleges over their handling of employee retirement plans.

Missouri law firm Schlichter, Bogard & Denton, which represents the employees, said the universities chose costly plans that resulted in employees paying millions of dollars in "unreasonable and excessive fees," according to a statement by the law firm.

The three class action lawsuits, one against each college, say the schools failed to meet obligations under the Employee Retirement Income Security Act and failed to pick the best-performing or least expensive plans.

A spokesman for NYU said the school is careful in choosing and administering retirement plans for employees and expects to litigate the case.