Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Universal Health to Settle 401(k) Suit After Third Circuit Loss

Sept. 29, 2022, 3:39 PM

Universal Health Services Inc. will settle a 60,000-person class action challenging its retirement plan fees, the parties told the Pennsylvania federal judge tasked with hearing the case, after the company’s unsuccessful appeal to the Third Circuit.

The parties reached an agreement in principle after working with a third-party mediator, and they expect to file a motion for preliminary court approval next month, they told Judge Mark A. Kearney of the US District Court for the Eastern District of Pennsylvania in a report filed Wednesday.

Kearney responded by setting an Oct. 20 deadline for the motion—four days earlier than the date ...