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Walgreens Agrees to 240,000-Person Class in 401(k) Fund Lawsuit

Dec. 7, 2020, 8:43 PM

Walgreen Co. doesn’t plan to fight a motion for class certification in a lawsuit challenging the Northern Trust target-date funds in the pharmacy’s 401(k) plan, paving the way for a 240,000-person ERISA class action in a Chicago federal courtroom.

The plaintiffs’ unopposed motion, filed Dec. 4 in the U.S. District Court for the Northern District of Illinois, seeks certification of a class of participants covered by the Walgreens 401(k) plan who invested in a suite of target date funds offered by Northern Trust since 2014. In exchange for the company’s non-opposition, the plan participants agreed not to name individual corporate ...