Charles River Associates expert, Professor Conrad Ciccotello, recently provided expert testimony on behalf of Yale University at a jury trial in United States District Court for the District of Connecticut. The class action lawsuit, filed against Yale in 2016, alleged that Yale breached its fiduciary duty by failing to adequately oversee its 403(b) retirement plan to the detriment of Yale employees who participated in the Yale retirement plan.
As an expert in retirement and financial planning, investment performance, and the monitoring of university retirement plans, Professor Ciccotello was engaged to review the activities of Yale University in administering and overseeing the Yale University Retirement Plan, including the work of the Yale committee of employees tasked with overseeing the Yale Retirement Plan during the class period.
At trial, Professor Ciccotello explained that Yale has an excellent retirement plan that is focused on providing lifetime income to employees in retirement. Professor Ciccotello further explained that providing plan participants with annuities as a retirement planning option can be beneficial to plan participants and that Yale has achieved excellent results for participants within the Yale retirement plan.
Following a one-month trial, the jury ruled in favor of Yale University, finding that Yale did not fail to monitor the retirement plan and that there were no damages.
CRA’s team worked closely with attorneys representing Yale at Mayer Brown, including Nancy Ross, Michelle Webster, and Jed Glickstein.
