Sentara Health to Face Suit Over Retirement Plan Fund Returns

Sentara Health must face litigation over the stable value fund in its retirement plan after a Virginia federal judge said investors bolstered their claims of subpar performance.

Allegations of poor performance coupled with an insufficient monitoring process are enough to state a viable fiduciary breach claim under the Employee Retirement Income Security Act, Judge Jamar K. Walker said Monday for the US District Court for the Eastern District of Virginia.

The hospital system argued the fund’s alleged 1.36% underperformance was too small to support an ERISA claim, pointing to court opinions rejecting claims based on underperformance of between 1% and ...