Yale New Haven Hospital has agreed to settle an ERISA lawsuit by former employees who alleged mismanagement in the hospital 403(b) plan.
An agreement in principle, signed by attorneys representing plaintiffs and defendants, was filed Oct. 17 in a U.S. District Court in Hartford, Conn. No terms were disclosed. The settlement agreement, which must be approved by the court, said details would be provided by Nov. 17 in the class-action complaint.
Plaintiffs sued in January 2022 — and later amended their complaint — accusing the hospital and its fiduciaries of charging high record-keeping and administrative fees and offering poor-performing investments in the case of Ruilova et al. vs. Yale-New Haven Hospital Inc. et al.
In March 2023, U.S. District Court Judge Michael P. Shea dismissed many of the allegations but allowed the record-keeping/administrative fees complaint to go to trial.
Yale-New Haven Hospital and Tax Exempt Affiliates Tax Sheltered Annuity Plan, New Haven, Conn., had $1.7 billion in assets as of Dec. 31, 2022, according to the latest Form 5500.
