Garnet Health Medical Center agreed to pay $4.6 million to settle with a proposed class of workers who said the New York health system’s retirement plan was plagued by high fees and poorly performing funds.
The deal will provide about 5,000 current and former plan participants with nearly 22% of their maximum estimated damages, the workers told the US District Court for the Southern District of New York Friday when asking for preliminary approval of the settlement.
- The year-old lawsuit claims Garnet’s $273 million retirement plan offered an “entry-level” stable value fund that produced paltry returns and is primarily aimed ...