401(k) Adviser Exits Banner Health ERISA Suit As Trial Looms
Law360 (January 2, 2020, 3:48 PM EST) -- Jeffrey Slocum & Associates Inc. has agreed to pay $500,000 to settle claims that it dropped the ball by not advising Banner Health's retirement committee to yank certain investment options from its 401(k) plan sooner, looking to exit a class action that's slated for a bench trial Monday.
The current and former Banner Health workers asked the Colorado federal court to preliminarily approve the settlement on Dec. 31, contending that the agreement is fair and reasonable given the challenges and risks of continuing the litigation against the now-defunct consultant.
"Given that plaintiffs and Slocum only reached agreement on settlement yesterday, they...
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