PHILADELPHIA – A federal appellate court has affirmed a District Court decision which conferred class certification to plaintiffs enrolled in a retirement plan, who had alleged the company charged excessive record-keeping and administrative fees, and presented expensive investment options instead of more affordable alternatives.
Universal Health Slams Class Cert Bid In 401(k) Fee Suit law360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from law360.com Daily Mail and Mail on Sunday newspapers.
ADVERTISEMENT
ADVERTISEMENT
Universal Health Workers Urge Class Status In 401(k) Suit
Law360 (February 9, 2021, 1:36 PM EST) Universal Health Services workers who accused the hospital company of mismanaging their retirement savings asked a Pennsylvania federal judge to let their suit go forward on behalf of a sweeping class, saying tens of thousands of workers had suffered the same injury.
Mary Boley, Kandie Sutter and Phyllis Johnson urged U.S. District Judge Mark Kearney on Monday to certify a class of Universal employees who alleged the company shirked its duties under the Employee Retirement Income Security Act when it loaded their 401(k) plan with high-cost investment options.