Former employees have filed a complaint against Duke University and its investment advisory, accusing them of misusing forfeitures in the Duke University Faculty and Staff Retirement Plan.
The case, Beroset v. Duke University et al., filed in U.S. District Court for the Middle District of North Carolina, alleges Duke University violated the Employee Retirement Income Security Act by breaching its fiduciary duties, violating ERISA’s anti-inurement provision and engaging in prohibited transactions.
According to the complaint, the defendants failed to follow a prudent process in allocating forfeited funds in a loyal or timely manner, costing participants millions of dollars…