New Jersey’s Barnabas Health Cleared for 401(k) Class Settlement

A $1.75 million class settlement between New Jersey’s largest health-care system, RWJBarnabas Health, and employees who claimed their retirement plan was poorly managed received final court approval, as did an award of more than $540,000 in attorneys’ fees and costs.

The deal covers “several thousand” participants in two Barnabas retirement plans and was struck following negotiations with a private mediator, according to the settlement motion. The $1.75 million amount represents a significant portion of the plan participants’ “realistic” maximum damages of $3.5 million, the motion said.

Judge Kevin McNulty of the US District Court for the District of New ...