Medical Solutions 401(k) Fund Swap Drives Proposed Class Action

Travel nursing company Medical Solutions LLC removed top-of-the-line target-date funds from its workers’ 401(k) plan and replaced them with inferior options, a proposed class action alleges.

The lawsuit centers on Medical Solutions’ 2020 decision to swap the American Funds Target Return Funds series for the JPMorgan SmartRetirement Target Date Fund series in its 401(k) plan, which covered nearly 25,000 people and held about $430 million as of 2024. The company made this change even though the American Funds options were the “single best performing investment” in its peer category for many years, plaintiff Natalie Andersen said in a complaint filed ...