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.