Massachusetts Teaching Hospital Inks $595,000 ERISA Settlement

Cambridge Health Alliance signed a $595,000 class settlement with former workers who accused the Massachusetts-based teaching hospital of failing to rein in excessive fees in their retirement plan.

The proposed settlement, which is slated to benefit “thousands” of people, represents about half of the plaintiffs’ estimated damages on their claim for excessive 401(k) recordkeeping fees, according to a Thursday motion asking Judge Myong J. Joun of the US District Court for the District of Massachusetts to approve the deal.

• The lawsuit says Cambridge, formally known as CHA General Services Inc., mismanaged a retirement plan covering about 3,660 people by paying ...