Johns Hopkins Benefit Plan Administrators Sued for Duty Breach

Participants in the Johns Hopkins Health System Corp.'s retirement benefits plan are accusing the company and an administrative committee of breaching their fiduciary duties, arguing their actions caused plan assets to plummet by about $300 million.

The proposed class action filed Monday in the US District Court for the District of Maryland says the administrators violated the Employee Retirement Income Security Act by failing to properly evaluate, select, and oversee the plan’s investments, such that the value of its assets decreased from nearly $2 billion at the end of 2020 to less than $1.7 billion in 2024.

The defendants also ...