Bronson Healthcare to Pay $3 Million in Retirement Plan Deal

Michigan’s Bronson Healthcare Group Inc. will pay $3 million to settle a proposed class action claiming it mismanaged its retirement plan by failing to lower administrative fees or replace expensive and poorly performing investments, according to a federal court filing.

The settlement, announced Monday in the U.S. District Court for the Western District of Michigan, is slated to benefit about 21,528 participants in Bronson’s $737 million retirement plan. The $3 million settlement amount represents more than half of the retirement plan’s allegedly excessive fees and nearly one-fifth of the plaintiffs’ total estimated losses, according to the settlement motion.

The eight-month-old ...