Humana Sued Over Fees, Funds in $5.3 Billion Retirement Plan

Five former Humana Inc. employees claim the managed health-care company’s $5.3 billion retirement plan charges excessive administrative fees and is filled with overly expensive investment options, according to a proposed class action in the U.S. District Court for the Western District of Kentucky.

Some of the plan’s primary investments carried high fees that were out of line with industry trends, plan participants said in a complaint filed Tuesday. Humana also failed to ensure that the plan’s investment options were in the cheapest available share classes, which diminished participants’ retirement savings, according to the complaint.

The participants also challenge the plan’s ...