UMass Memorial Health Care Inc. mismanages a pair of employee retirement plans by filling them with target-date funds in overly expensive share classes, a new proposed class action claims.
The lawsuit centers on a pair of retirement plans that together held more than $2 billion as of 2024. The default investment option in both plans was a suite of target-date funds from non-party Fidelity that carried higher fees than virtually identical options from the same company, plaintiffs Nils Henninger and Dawn Corson Borcy said in a complaint filed Wednesday in the US District Court for the District of Massachusetts.
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