June 30, 2023
Mayer Brown secures first-of-its-kind jury trial victory for Yale University in ERISA class action
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Mayer Brown obtained a complete victory on behalf of Yale University at the US District Court for the District of Connecticut in an Employee Retirement Income Security Act of 1974 (ERISA) class action suit, Vellali et al. v. Yale University et al—a first-of-its-kind jury trial.
The case involved allegations that Yale had violated ERISA by breaching its fiduciary duty to prudently monitor the plan’s recordkeeping fees and investment lineup, as well as the share classes offered for those investments.
After a five-week trial, on June 28, 2023 the jury found no loss to the plan from Yale’s failure to monitor recordkeeping fees, and no breach by Yale as to investment monitoring and share classes. As a result, the plaintiffs—who originally sought more than half a billion dollars, and asked in their closing for over $130 million from the jury—were awarded zero dollars in damages.
The team was led by partners Nancy Ross and Reginald Goeke and included partners John Nadolenco and Brantley Webb, counsel Jed Glickstein, Douglas Smith and Michelle Webster, associates C. Mitchell Hendy, Ankur Mandhania, William Sinnott and Christopher Watts and staff attorney Kate Angel.
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The case involved allegations that Yale had violated ERISA by breaching its fiduciary duty to prudently monitor the plan’s recordkeeping fees and investment lineup, as well as the share classes offered for those investments.
After a five-week trial, on June 28, 2023 the jury found no loss to the plan from Yale’s failure to monitor recordkeeping fees, and no breach by Yale as to investment monitoring and share classes. As a result, the plaintiffs—who originally sought more than half a billion dollars, and asked in their closing for over $130 million from the jury—were awarded zero dollars in damages.
The team was led by partners Nancy Ross and Reginald Goeke and included partners John Nadolenco and Brantley Webb, counsel Jed Glickstein, Douglas Smith and Michelle Webster, associates C. Mitchell Hendy, Ankur Mandhania, William Sinnott and Christopher Watts and staff attorney Kate Angel.
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