Banner Health employees won’t get to present their claims of 401(k) mismanagement and high fees to a jury.
The lawsuit, in which about 33,000 current and former Banner employees object to 401(k) fees paid to Fidelity Management Trust Co., involves claims and relief that are “inherently equitable” and thus not triable by jury, Judge William J. Martinez of the U.S. District Court for the District of Colorado held. The employees’ request for money damages doesn’t change the fact that the case seeks relief for fiduciary breach under the Employee Retirement Income Security Act—an equitable claim that must be tried by ...