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Detroit’s Henry Ford Health Sued Over Retirement Fees, Funds

May 6, 2021, 7:54 PM

Detroit’s Henry Ford Health System was sued in federal court by four employees who say the hospital system’s retirement plans charge excessive fees while offering expensive and poorly performing investment options.

The lawsuit, filed Wednesday in the U.S. District Court for the Eastern District of Michigan, takes aim at a pair of retirement plans that cover tens of thousands of health-care workers and together hold about $2.5 billion in assets. Henry Ford mismanages these plans by choosing imprudent, high-cost investment options—including funds affiliated with plan service providers—instead of opting for lower cost, passively managed funds or collective trusts, plan participant ...