Milliman 401(k) Fund Judge Weighs Axing Class After Company Win

The federal judge who sided with Milliman Inc. after an eight-day trial over the target risk funds in its 401(k) plan is weighing whether to revoke the case’s class action status.

Judge Thomas S. Zilly on Tuesday ordered the parties to explain why the class shouldn’t be decertified before he enters a final judgment in the case, given that class members weren’t given formal notice of the lawsuit. The parties declined to provide a notice to the approximately 4,300 class members because they believed doing so was unnecessary under the federal rules governing class actions, Zilly said.

But a judgment ...