The USC 403(b) case had the potential to dramatically impact the growing body of claims against sponsors of retirement plans. (Photo: Shutterstock)
The Supreme Court will not review a 403(b) excessive fee lawsuit brought against fiduciaries of the University of Southern California's retirement plan, according to a document from the High Court released this week.
Last November, USC petitioned the Supreme Court to review a decision from the Ninth Circuit Court of Appeals. In 2016, Munro v. USC was filed in U.S. District Court for the Central District of California. Plaintiffs alleged millions in plan assets were lost to excessive recordkeeping fees, expensive retail investment offerings, and onerous surrender charges on annuities offered in the plan.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
