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A participant in Milliman Inc.’s 401(k) plan has filed a lawsuit in federal court against the actuarial consultant alleging breaches of its fiduciary duties under the Employee Retirement Income Security Act, Plansponsor reports. The lawsuit, which names the Seattle-based company, its board of directors and members of its 401(k) committees, alleges that the poor performance of a suite of target-risk funds resulted in a nearly $250 million loss to participant accounts.
1. UnitedHealth reports significant data breach; personal health info compromised
2. Humana to cut Medicare Advantage benefits amid rising costs
3. Walmart to shut down health clinics due to unprofitability
4. UnitedHealth faces scrutiny over size, operations, and cyberattack
5. UnitedHealth to close Optum Virtual Care amid telehealth decline
6. Cigna writes off $1.8 billion from VillageMD investment amid losses