Bloomberg Law
June 15, 2020, 4:03 PM

Wisconsin’s Froedtert Health Sued Over Retirement Plan Fees

Jacklyn Wille
Jacklyn Wille
Legal Reporter

Wisconsin hospital Froedtert Health Inc. is facing a proposed class action claiming its $800 million retirement plan charges excessive administrative fees and offers expensive funds that perform no better than similar, cheaper alternatives.

The lawsuit, filed June 12 in the U.S. District Court for the Eastern District of Wisconsin by plan participant Nitish Bangalore, claims the fiduciaries of Froedtert’s 401(k)-style retirement plan failed to monitor the plan’s administrative expenses and investment options, costing the plan’s 15,000 participants millions of dollars in lost retirement savings.

Bangalore says Froedtert’s plan offered the “highest fee versions” of several funds that could have been ...