New Pleading Standard May Empower Investment Fee Claims
Labor and employment attorneys Lindsey Camp and Todd Wozniak authored an article in Law360 about the long-awaited Seventh Circuit decision in Hughes v. Northwestern University. The ruling was highly anticipated following remand from the U.S. Supreme Court with hopes that it would set forth a stringent pleading standard in investment fee cases. Not only did the Seventh Circuit find that application of the heightened pleading standard was limited to employee stock ownership plans, it went on to articulate a watered-down pleading standard for prudence claims in excessive fee cases. In this article, Ms. Camp and Mr. Wozniak outline the relevant background in this case and describe the implications of the new standard.
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