Southcoast Hospitals Group Mismanaged Retirement Funds $2M Class Action Settlement

Southcoast Hospitals agreed to pay $2 million to resolve claims that it mismanaged employee retirement funds in violation of the Employee Retirement Income Security Act (ERISA).

The settlement benefits plan participants and beneficiaries who participated in the Southcoast Hospitals Group plan between Dec. 14, 2014, and Nov. 24, 2021.

Southcoast Hospitals Group is a healthcare system that operates hospitals in Massachusetts and Rhode Island. Hospitals included in the group are Southcoast Behavioral Health, Charlton Memorial Hospital, St. Luke’s Hospital, and Tobey Hospital.

Although these hospitals provide life saving services for patients, Southcoast Hospitals allegedly fail to take care of their employees.

According to a 2020 class action lawsuit against Southcoast Hospitals Group, employee participants in the company’s retirement fund suffered financial damages as a result of the healthcare group’s actions. 

The company allegedly failed to reduce fees and limit expenses. The plaintiffs maintain that if Southcoast Hospitals property scrutinized investment options before investing retirement funds, it would have made better choices and improved participants’ retirement options.

In addition to mismanaging funds, Southcoast Hospitals Group allegedly failed to sufficiently monitor recordkeeping fees charged to plan participants. These fees cover a variety of administrative services including providing account statements to participants.

The Southcoast Hospitals class action lawsuit contends the company violated ERISA by failing to honor its fiduciary duties. ERISA is a federal law that requires plan administrators to work in the best interest of plan participants and beneficiaries.

Southcoast Hospitals hasn’t admitted any wrongdoing but agreed to resolve these allegations with a $2 million class action settlement.

Under the terms of the settlement, Class Members can receive a cash payment. Exact payment amounts will vary between Class Members based on their yearly retirement account balances. However, Class Members will receive at least $10 from the settlement.

Class Members who had a positive balance with the Southcoast Hospitals retirement plan as of Sept. 30, 2021, will receive their settlement payment as a credit to their retirement account. Former plan participants will receive their share of the settlement fund as a check.

There is no exclusion deadline for this settlement. 

The deadline for objection was March 25, 2022. 

The final approval hearing for the settlement is scheduled for April 25, 2022.

No claim form is required to benefit from the settlement. Eligible Class Members will automatically receive a payment without having to take action.

Who’s Eligible

The settlement benefits plan participants and beneficiaries who participated in the Southcoast Hospitals Group plan between Dec. 14, 2014, and Nov. 24, 2021.

Potential Award

Varies

Proof of Purchase

Claim Form

No proof of purchase applicable.

No claim form required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Objection Deadline

3/25/2022

Case Name

Harding, et al. v. Southcoast Hospitals Groups, Inc., et al., Case No. 1:20-cv-12216-LTS, in the U.S. District Court for the District of Massachusetts

Final Hearing

04/25/2022

Settlement Website

SouthCoastERISASettlement.com

Claims Administrator

Southcoast ERISA Settlement
c/o JND Legal Administration
PO Box 91345
Seattle, WA 98111
info@southcoasterisasettlement.com
866-853-5011

Class Counsel

Mark K. Gyandoh
CAPOZZI ADLER PC

Defense Counsel

Jeremy P. Blumenfeld
MORGAN LEWIS & BOCKIUS LLP