A $2.4 million settlement has been reached to resolve claims that Allina violated its fiduciary duties by wrongly managing retirement funds.
The settlement benefits all participants and beneficiaries of the Allina Health System 403(b) Retirement Savings Plan and the Allina 401(k) Retirement Savings Plan between Aug. 18, 2011 and Nov. 21, 2019.
Plaintiffs in the Allina class action lawsuit claim that the healthcare system violated their fiduciary duties under ERISA by failing to properly invest retirement funds. The Allina class action claims that the health system did not try to reduce expenses for Class Members or optimize their plans.
Instead, Allina allegedly allowed plan trustee Fidelity to “lard the plans with high-cost, non-Fidelity mutual funds through which Fidelity received millions of dollars in revenue sharing payments.” Some of the funds were reportedly high-cost, poorly performing, or otherwise inappropriate as retirement savings options.
Allina has not admitted any wrongdoing but has agreed to pay $2.425 million to resolve claims against them.
Under the settlement, Class Members are entitled to a proportional share of the net settlement fund. Payments will be at least $10, although exact amounts will depend on account balances and other factors.
No Claim Form is required in order to benefit from the settlement. Instead, payments will be distributed based on Alina’s records.
Class Members do not have the right to exclude themselves from the settlement, although they are able to object to the settlement until March 16, 2020. The final approval hearing for the settlement is scheduled for April 16, 2020.
All participants and beneficiaries of the Allina Health System 403(b) Retirement Savings Plan and the Allina 401(k) Retirement Savings Plan between Aug. 18, 2011 and Nov. 21, 2019.
At least $10, although payments will vary.
Each Class Member will receive a proportional share of the net settlement fund. Payment amounts will depend on account balances and other factors.
Proof of Purchase
Larson, et al. v. Allina Health System, et al., Case No. 0:17-cv-03835-SRN, in the U.S. District Court for the District of Minnesota
Allina ERISA Settlement
c/o JND Legal Administration
PO Box 91334
Seattle, WA 98111
Mark K. Gyandoh
KESSLER TOPAZ MELTZER & CHECK LLP
Gregory Y. Porter
Mark G. Boyko
BAILEY & GLASSER LLP
Robert A. Izard
Mark P. Kindall
IZARD KINDALL & RAABE LLP
Kai H. Richter
Carl F. Engstrom
NICHOLS KASTER PLLP
Stephen P. Lucke
DORSEY & WHITNEY LLP
Paul J. Ondrasik, Jr.
Eric G. Serron
STEPTOE & JOHNSON LLP
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
©2008 – 2020 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.