Arkansas-based Washington Regional Medical System is facing a federal lawsuit over its decision to offer target-date funds from American Century Investments in its employees’ retirement plan.
The proposed class action, filed Monday in the US District Court for the Western District of Arkansas, claims the funds significantly underperformed better options from other companies. Washington Regional breached its fiduciary duties under the Employee Retirement Income Security Act by failing to replace these funds in its $240 million retirement plan, according to the lawsuit.
- Plaintiffs Donald Hodges and Joyce Kendrick bring ERISA claims on behalf of a proposed class of more ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.