Yale-New Haven Hospital Inc. has agreed to pay $1 million to settle a 26,000-person class action challenging the administrative fees in its $1.6 billion retirement plan.
The proposal would pay current plan participants through their retirement accounts, with former participants eligible for checks or rollover distributions after submitting a claim form, according to a motion seeking preliminary approval of the accord filed Friday in the US District Court for the District of Connecticut.
The deal provides participants with about 95% of the “midpoint of realistically recoverable damages” on their surviving claim over the plan’s recordkeeping fees and “meaningful consideration” for ...
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