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Mercy Health Agrees To $4M Deal In Retirement Fund Fight

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By Amanda Ottaway (November 8, 2021, 6:28 PM EST) — Mercy Health workers told an Illinois federal judge they have reached a $3.9 million class action settlement in a sweeping suit accusing the health care system of mishandling their retirement savings.

The workers filed their motion Friday for preliminary approval of the deal, which would cover about 21,700 plan participants and bring their Employee Retirement Income Security Act case to a close.

The plaintiffs sued Mercy Health Corp. and a subsidiary in August 2020, claiming they breached their duty under ERISA to make smart investments on their retirement plans and keep commissions and broker fees reasonable.

“This relief directly addresses the…