Air Methods Accused of Mismanaging Employees’ Retirement Plan

Air Methods LLC breached its fiduciary duties while managing its employee 401(k) plan by repeatedly choosing higher-cost share classes, a proposed class action says.

The emergency medical helicopter operator failed to conduct a proper review of available share classes or negotiate for a lower-cost share class when it chose its qualified default investment alternative, which caused plan participants to suffer losses, John Oyster alleged. Oyster filed a complaint Wednesday in the US District Court for the District of Colorado.

Oyster seeks to represent a class of all participants and beneficiaries of the plan since 2020.

Between 2020 and 2024, more ...