The video titled “Jerry Schlichter Video Interview: Tibble’s Time, Resources and Costs” features Jerry Schlichter discussing the extensive resources, costs, and time required to bring breach of fiduciary duty cases to court, particularly in the context of 401(k) plans.
Schlichter explains that such cases are highly demanding, often requiring thousands of attorney hours, substantial financial investments in expert witnesses, and a long-term commitment to risk, as these cases can take years to resolve. He shares an example of a case involving Cigna Insurance, which took nearly eight years and 34,000 attorney hours to settle. Schlichter also describes the personal gratification and unique experience of arguing before the Supreme Court, noting that the Court’s unanimous 9-0 decision underscores the importance of 401(k) plan fee litigation.
The interview highlights the significant challenges and risks associated with fiduciary duty lawsuits and the critical role they play in shaping America’s retirement system.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
