OneOncology LLC was hit with a proposed class action accusing the Tennessee-based physicians’ group of mismanaging its 401(k) plan by offering badly performing target-date funds.
The lawsuit claims OneOncology’s retirement plan, which held about $580 million and covered more than 7,000 people as of 2024, offered a suite of target-date funds from American Century Investments, which isn’t named as a defendant. These funds held more than a third of the plan’s assets despite consistently underperforming their benchmarks and target-date funds available from other companies, plaintiff Khawanda Boyd said in a complaint filed Thursday in the US District Court for the ...