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Banner Health Employees Lose Round Against 401(k) Adviser

April 24, 2019, 5:19 PM

Jeffrey Slocum & Associates Inc. scored a big victory in a lawsuit over Banner Health’s 401(k) plan, when a federal judge blocked seven Banner plan investors from seeking plan-wide losses from the investment consultant.

The April 23 ruling considered an “unsettled” legal question that arose when the Banner investors failed to win class action status for their challenge to Slocum’s investment advice. Without class status, can the investors recover all plan losses tied to Slocum’s supposedly bad advice—allegedly more than $40 million—or are they limited to recovering only losses suffered by their individual retirement accounts?

A federal judge blocked the...

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