Milliman 401(k) Target Risk Fund Lawsuit Gets Class Treatment

A former Milliman Inc. employee challenging the target risk funds in the company’s 401(k) plan won a court order certifying the case as a class action covering about 4,300 people.

Milliman objected to the employee’s class certification request, saying the proposed class improperly lumped hundreds of workers who’d signed arbitration agreements together with thousands who hadn’t.

Judge Thomas S. Zilly of the US District Court for the Western District of Washington disagreed in an Oct. 6 opinion. The claims at issue in this lawsuit are brought on behalf of the 401(k) plan itself, and there’s no indication that the ...