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Universal Health Gets Quick Appeal of Simmering 401(k) Question

May 18, 2021, 7:54 PM

A 60,000-person class action challenging Universal Health Services Inc.'s $1.9 billion retirement plan will go directly to the U.S. Court of Appeals for the Third Circuit for a ruling on a simmering legal question that has the potential to significantly curtail class litigation over 401(k) plan fees.

The court on Tuesday agreed to hear Universal Health’s appeal of a March decision certifying the Employee Retirement Income Security Act lawsuit as a class action covering all the plan’s 60,000 participants. According to Universal Health, this “sweeping” class never should have been certified, because the three named plaintiffs invested in only seven ...