Bloomberg Law
June 11, 2021, 4:26 PM

Banner Health Workers Lose Bid for Bigger Payday in 401(k) Suit

Jacklyn Wille
Jacklyn Wille
Legal Reporter

Banner Health employees who challenged the company’s 401(k) plan fees on Friday failed to convince the U.S. Court of Appeals for the Tenth Circuit to boost the $2.3 million they were awarded after an eight-day trial.

District courts have “considerable discretion” to calculate damages stemming from a retirement plan fiduciary’s breach of duty, and the court in this case “operated well within its purview,” the appeals court said in an opinion by Chief Judge Timothy M. Tymkovich. The standards for assessing expert evidence aren’t relaxed in Employee Retirement Income Security Act cases, and the district court reasonably concluded that the ...