Brown to pay $3.5M in settlement
of lawsuit over retirement plans

BROWN UNIVERSITY says it's willing to pay $3.5 million to settle a class-action lawsuit filed by participants of the university's 403(b) retirement plans. The plaintiffs accuse Brown of not meeting its fiduciary duties. / COURTESY BROWN UNIVERSITY
BROWN UNIVERSITY says it's willing to pay $3.5 million to settle a class-action lawsuit filed by participants of the university's 403(b) retirement plans. The plaintiffs accuse Brown of not meeting its fiduciary duties. / COURTESY BROWN UNIVERSITY
PROVIDENCE – Brown University has agreed to pay $3.5 million to settle a class-action lawsuit that alleged the university breached its fiduciary duties in the way it managed its 403(b) retirement plans. The federal lawsuit, initially filed in 2017 by four participants in the plans, argued that Brown’s decision to use two record-keepers for the…

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