Providence Health Settles Over Retirement Plan Forfeiture Usage

Providence Health & Services will settle a proposed class action claiming it mismanaged its employees’ retirement plan by failing to use money forfeited by departing workers to lower the plan’s administrative expenses.

The parties accepted a settlement proposal from a third-party mediator and are drafting paperwork to have the agreement approved in court, they said in a joint status report. The filing, submitted Nov. 10 in the US District Court for the Western District of Washington, didn’t include details about the terms of the agreement.

• The year-old lawsuit accuses Providence, which operates dozens of hospitals across several Western states, ...