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IQVIA Rips ‘Cookie-Cutter’ Challenge to Its $1.6 Billion 401(k)

Oct. 26, 2020, 3:31 PM

Health care researcher IQVIA Inc. defended its 401(k) plan from a “cookie-cutter” class action complaint, telling a federal judge in North Carolina that its plan offers the “exact type of funds” the plaintiffs say should have been offered, and at a competitive price.

The lawsuit, filed in June by six former employees of the companies previously known as Quintiles and IMS Health, is a meritless attempt to use “innocuous facts” about the plan’s mix of investment options to suggest a breach of fiduciary duty under the Employee Retirement Income Security Act, the company said.

The employees “offer ...