New York’s Garnet Health Agrees to Settle Retirement Plan Suit

Garnet Health Medical Center reached a class-wide settlement with workers who accused the New York health system of mismanaging their retirement plan with high fees and badly performing funds.

The parties are finalizing their settlement paperwork and plan to submit it for court approval by the end of October, they said in a joint notice filed Wednesday in the US District Court for the Southern District of New York.

• The lawsuit claims Garnet’s $273 million retirement plan offered an “entry-level” stable value fund from the plan’s recordkeeper, non-party Principal Life Insurance Co., that produced paltry returns and is primarily aimed ...