Universal Health Services Settles ERISA Class Action Lawsuit for $12.5 Million

Universal Health Services Inc. has set aside $12.5 million to settle a class action lawsuit, which alleged the company violated the Employee Retirement Income Security Act (ERISA). Universal Health Services denies any wrongdoing but has agreed to the settlement to avoid the ongoing cost and risks associated with litigation.

The ERISA settlement class is made up of all current and former participants, beneficiaries or alternate payees of a plan participant or former plan participant at any time on or after June 5, 2014, through and including Oct. 31, 2022. 

The lawsuit claims Universal Health Services failed to objectively and adequately review the retirement savings plan’s investment portfolio in terms of cost, maintained certain funds in the plan despite available and similar or identical options with lower cost and/or better performance and failed to consider lower-cost collective trusts that were available as alternatives.

Read the source article at topclassactions.com