Bloomberg Law
March 29, 2018, 3:08 PM

Banner Health Workers Win Partial Class Status in 401(k) Fee Case

Carmen Castro-Pagan
Carmen Castro-Pagan

Investors in Banner Health’s 401(k) plan can proceed as a class with their allegations that the hospital violated federal benefits law by allowing the plan to charge excessive fees and offering imprudent investments.

The investors, for the most part, satisfy the requirements to proceed as a class, Judge William J. Martinez of the U.S. District Court for the District of Colorado held March 28. Martinez, however, limited the class definition to the period beginning on November 2009, instead of January 2009 as the investors requested.

The ruling means that approximately 33,000 participants in Banner’s retirement plan will get class treatment. ...

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