UMass Memorial Health Care Inc. mismanages a pair of employee retirement plans by filling them with target-date funds in overly expensive share classes, a new proposed class action claims.
The lawsuit centers on a pair of retirement plans that together held more than $2 billion as of 2024. The default investment option in both plans was a suite of target-date funds from non-party Fidelity that carried higher fees than virtually identical options from the same company, plaintiffs Nils Henninger and Dawn Corson Borcy said in a complaint filed Wednesday in the US District Court for the District of Massachusetts.
- The ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.