Maryland Hospital Cleared for $3.25 Million Retirement Plan Deal

A $3.25 million settlement benefiting employees of University of Maryland Medical System received final court approval, resolving litigation challenging how the health system managed its retirement plans.

The deal, which is expected to benefit thousands of people covered by health system’s retirement plans since 2015, resolves claims that the plans charged high fees and offered expensive actively managed funds and funds in pricey share classes. The lawsuit also took aim at an asset allocation service that allegedly funneled assets into these overly expensive funds.

Judge Julie R. Rubin, who allowed the case to advance in 2022, granted final ...