Mass General Brigham Retirement Suit Settles for $8.25 Million

Boston’s Mass General Brigham Inc. struck an $8.25 million class settlement aimed at resolving claims that its retirement plan charges excessive fees while offering overly pricey funds.

The deal, which covers more than 100,000 plan participants and beneficiaries since January 2016, represents between 20% and 30% of the participants’ total estimated damages in the case, according to a motion for settlement approval filed Thursday in the US District Court for the District of Massachusetts.

The lawsuit accuses the hospital of mismanaging its employees’ retirement plan by filling it with expensive investments and allowing service providers to charge excessive administrative fees. ...