United Airlines Sued Over Performance of 401(k) Investment Fund

A former United Airlines Inc. employee filed a proposed class action saying the airline mismanages a retirement plan covering nearly 20,000 people by saddling them with a poorly performing investment option.

The lawsuit, filed Tuesday in the US District Court for the Northern District of Illinois, takes aim at a large cap growth equity fund offered within an $11.8 billion 401(k) plan covering airline employees. This fund consistently underperformed its stated benchmark, driving millions of dollars in plan losses, plaintiff Thomas Dolan said in the complaint.

• Dolan brings claims under the Employee Retirement Income Security Act on behalf of ...