Michigan’s Bronson Healthcare Settles Retirement Plan Fee Suit

Michigan’s Bronson Healthcare Group Inc. will settle a proposed class action claiming it mismanaged its $737 million retirement plan by failing to rein in administrative fees or replace expensive and poorly performing investments, according to a federal court filing.

The deal resolves a six-month-old lawsuit accusing Bronson of breaching its fiduciary duties under the Employee Retirement Income Security Act. The parties expect to file settlement paperwork for court approval by Dec. 20, they said in a notice filed Monday in the U.S. District Court for the Western District of Michigan.

The parties reached an agreement before Bronson filed a formal ...