UnitedHealth Group Settles for $69 Million Over Poor Retirement Plan Options

UnitedHealth Group agreed to pay $69 million to settle a class action lawsuit from an employee who alleged the health care giant offered its employees lower-performing 401(k) options than it could have, costing workers hundreds of millions in lost investment profits.

The litigation alleged interference by the company’s CFO to retain certain Wells Fargo funds within the 401(k) plan because the bank was a large customer for UnitedHealth Group, including for coverage sold by its large UnitedHealthcare health insurance business.

Read more at Insurance News Net.