The University has paid a $5.8 million settlement “plus therapeutic relief” to retirement plan holders in the class action lawsuit of Elysee Nicolas v. The Trustees of Princeton University, according to a motion filed on July 28.
The lawsuit alleged that the University permitted poor investments and inappropriately contracted two recordkeepers instead of one, thus incurring an unnecessary increase in fees.
University Spokesperson Ben Chang maintained the institution’s previous stance, writing in a statement to The Daily Princetonian that “Princeton did not engage in any wrongdoing.”
This deal may benefit around 24,000 people who had savings within the University’s retirement plans.
In addition to the $5.8 million payout, the University agreed to “therapeutic relief” measures — agreeing to use its “commercially reasonable best efforts” to reduce fees for the next three years, look for other plan service providers through a Request for Proposal process, and do constant reevaluations of the investment options offered. The University also agreed not to increase recordkeeping fees for a three-year period.
“Princeton disputes the allegations made in the complaint and remains confident the University would have prevailed in litigation. However, we believe that the settlement is in the best interests of all of the parties involved and resolves this matter amicably without additional expenditures on the defense of the lawsuit,” Chang wrote.
“The investment fund lineup has not changed,” he added. “The plans remain financially stable and well-administered.”
A preliminary settlement was announced in April, but the terms were not disclosed until July.
Elysee Nicolas and his attorneys of record, Eric Lechtzin and Joseph J. DePalma, did not respond to requests for comment.
Read More
Live updates: Protesters issued warning to clear camp on Monday, no timeline set
Daily Princetonian StaffOn its eighteenth day, the “Gaza Solidarity Encampment” is breaking up. The movement follows a campus message from President Eisgruber last night, which called on protesters to clear Cannon Green in preparation for end of year event.
On its eighteenth day, the “Gaza Solidarity Encampment” is breaking up. The movement follows a campus message from President Eisgruber last night, which called on protesters to clear Cannon Green in preparation for end of year event.
Princeton, practice what you preach: SPIA graduate students on protest and dialogue
Guest Contributors"As policy students, we are appalled by the blatant hypocrisy of the University administration, which has relied on fear-mongering and false narratives to discredit student protestors. We are increasingly disillusioned with the dissonance of what we are taught in our classrooms and the University’s actions."
"As policy students, we are appalled by the blatant hypocrisy of the University administration, which has relied on fear-mongering and false narratives to discredit student protestors. We are increasingly disillusioned with the dissonance of what we are taught in our classrooms and the University’s actions."
Eisgruber says protesters must clear encampment, divestment to be formally considered
Olivia Sanchez and Annie RupertusIn a campus message, University President Christopher Eisgruber ’83 announced that protesters must clear Cannon Green, but gave no specific deadline. He also announced that the CPUC’s Resources Committee will meet on Tuesday to formally consider divestment from Israel.
In a campus message, University President Christopher Eisgruber ’83 announced that protesters must clear Cannon Green, but gave no specific deadline. He also announced that the CPUC’s Resources Committee will meet on Tuesday to formally consider divestment from Israel.
