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Friday, December 13, 2019

Long Island University Retirement Plan alleged to have failed to monitor fees

By Noddy A. Fernandez | May 23, 2018

Law money 12

BROOKLYN, N.Y. (Legal Newsline) – A current and former employee of Long Island University alleges the institution's retirement plan is paying excessive administrative fees.

Christy Mulligan and Andrew Livanis, individually and on behalf a class of participants in the Long Island University Retirement Plan, filed a complaint on May 15 in the U.S. District Court for the Eastern District of New York against Long Island University over alleged violation of the Employee Retirement Income Security Act.

According to the complaint, the plaintiffs allege that the defendant's retirement plan paid more than $2 million per year over the last six years in record keeping, distribution and mortality risk fees. They alleges that these fees are roughly ten times higher of what they should be and that participants in the plan will continue to pay "grossly excessive fees unless this action moves forward." 

The plaintiffs hold Long Island University responsible because the defendant allegedly failed to solicit bids from other recordkeepers and failed to monitor and control administrative fees.

The plaintiffs request a trial by jury and seek award of attorney's fees, costs, order the payment of interest, and grant other equitable or remedial relief as the court deems appropriate. They are represented by Daniel T. Gluck and Zaremba Brown of New York and Benjamin J. Sweet and Kevin Abramovicz of Carlson Lynch Sweet Kipela & Carpenter LLP in Pittsburgh, Pennsylvania.

U.S. District Court for the Eastern District of New York case number 1:18-cv-02885-ERK-SJB

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Organizations in this Story

Carlson, Lynch, Sweet & KilpelaU.S. District Court for the Eastern District of New YorkU.S. District Court for the Eastern District of New York Brooklyn Division