Bloomberg Law
May 9, 2019, 4:56 PM

Banner Health’s 401(k) Fee Expert Refuses to Produce Data

Jacklyn Wille
Jacklyn Wille

Banner Health is partially withdrawing an expert witness it tapped to help defend a class action challenging the fees associated with its $2 billion 401(k) plan.

The move is in response to a court order directing Banner to produce data that Thomas R. Kmak, the chief executive and co-founder of Fiduciary Benchmarks, used to evaluate the reasonableness of the Banner plan’s administrative fees.

Banner says the court order would require Kmak to produce financial data from more than 160,000 retirement plans and breach his company’s contracts with various third parties. Banner therefore withdrew each of Kmak’s opinions that relied on ...