CentraCare Health System Inc. will pay $800,000 to settle a lawsuit by workers who said the hospital system’s retirement plans were plagued by high-cost and poorly performing funds.
The proposed class settlement would benefit about 25,000 people covered by a pair of CentraCare retirement plans since June 2016. The settlement amount represents about 21% of the plan participants’ “best-case recovery” after most of their legal theories were dismissed on the pleadings, they said in a motion filed Wednesday in the US District Court for the District of Minnesota.
The lawsuit says Minnesota-based CentraCare mismanages a pair of retirement plans that ...
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