Boston’s Beth Israel Deaconess Medical Center Inc. will pay $2.9 million to settle a federal lawsuit claiming it mismanages its retirement plans by filling them with expensive and overly risky investments and failing to rein in administrative fees.
The class settlement, filed Tuesday in the US District Court for the District of Massachusetts, is expected to benefit more than 10,000 participants and beneficiaries in two Beth Israel retirement plans. It provides class members with about 40% of their estimated damages, and it requires Beth Israel to look for a new plan recordkeeper within three years and strengthen its investment monitoring ...
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