Detroit’s Henry Ford Health System agreed to pay $5 million to resolve a proposed class action by workers who say their retirement plans are plagued by high fees and poorly performing investment options.
The deal is slated to benefit about 27,926 people covered by Henry Ford’s retirement plans. It also requires members of the health system’s investment committee to complete two hours of mandatory fiduciary training each year, according to a settlement motion filed Monday in the US District Court for the Eastern District of Michigan.
The two-and-a-half-year-old lawsuit says Henry Ford mismanages a pair of retirement plans that together ...
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