A federal court judge in Seattle has rejected a petition by Milliman Inc. to dismiss an ERISA lawsuit filed against the company and its fiduciaries by a participant in a Milliman 401(k) plan.
"Having viewed plaintiff's allegations in their totality, the court is persuaded that plaintiff has pleaded a 'plausible' claim for breach of fiduciary duty," U.S. District Court Judge Thomas S. Zilly, wrote in a Dec. 13 opinion in Joanna P. Mattson vs. Milliman Inc.
The original complaint, filed in January 2022, contended the plan's fiduciaries violated ERISA by offering target-risk funds that had a very brief track record, adding that these funds had performed poorly.
Mr. Zilly dismissed the lawsuit in June, but gave the plaintiff the opportunity to amend the complaint. "In contrast to her original 35-page pleading, plaintiff's 67-page amended complaint sets forth the type of data required to proceed forward," the judge wrote.
The Milliman Inc. Profit Sharing and Retirement Plan, Seattle, had $1.68 billion in assets as of Dec. 31, 2020, according to the latest Form 5500.
