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Third Circuit OKs ERISA Class Action Over Broad Fiduciary Investment Claims
Mercer Aug. 8, 2022 "The plaintiffs in this case made broad allegations that plan fiduciaries failed to implement a prudent process for selecting and monitoring investment options, resulting in excessively expensive funds across the entire lineup. The plaintiffs also alleged fiduciaries imprudently selected actively managed target-date funds instead of lower-cost index options. The three plaintiffs had collectively invested in only seven of the plan's 37 investment options, and each plaintiff invested in just one of the 13 funds in the plan's target-date series." [Boley v. Universal Health Services, Inc., No. 21-2014 (3rd Cir. Jun. 1, 2022)] |
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