Walgreens Workers Say Botched Retirement Plan Lost $300M

Law360 (August 9, 2019, 3:52 PM EDT) -- Walgreens workers said Friday in a proposed class action that they've lost nearly $300 million in retirement savings because the company has failed to remove a suite of underperforming funds from its plan.

In an Illinois federal court suit filed on behalf of current and former workers who are beneficiaries of the plan, the proposed class says Walgreen Co. loaded its profit-sharing retirement plan with a group of poorly performing target-date retirement funds in 2013 and has refused to remove them "despite a market teeming with better-performing alternatives."

That has caused the plan's participants to lose out on nearly $300 million...

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