University of Rochester Excessive Fee Suit Voluntarily Dismissed

A participant in the University of Rochester Retirement Program has voluntarily dismissed a lawsuit alleging that plan participants have paid an estimated $72 million in in recordkeeping, distribution, and mortality risk fees to provider TIAA.

According to the complaint, TIAA has been able to extract “grossly excessive fees” because its fees are tethered not to any actual services it provides to the plan, but rather, to a percentage of assets in the plan.

A Notice of Voluntary Dismissal of Action filed in the case says, “Plaintiff Christopher D’Amore, by and through his undersigned counsel, voluntary dismisses with prejudice the above entitled action, with each party to bear its own fees and costs.”