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Ex-Molina Workers Want Class of 13,000 in 401(k) Fund Challenge

Dec. 5, 2022, 5:55 PM

Former Molina Healthcare Inc. employees asked a federal judge to certify a class of at least 13,000 people in their lawsuit claiming the California health-care company swapped established, well-performing Vanguard funds for novel and untested funds in their retirement plan.

The plaintiffs seek a class of all participants and beneficiaries in Molina’s $741 million retirement plan since March 2016, excluding the defendants. The case turns on common questions affecting all class members, including whether the defendants acted as fiduciaries under the Employee Retirement Income Security Act, whether the plan suffered losses, and how those losses should be calculated, they said ...