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Norton Healthcare Employee Benefits Class Action Filed

Louisville, KY: Employees at the non-profit hospital and health care provider Norton Healthcare, have brought a proposed class action lawsuit alleging they were presented with 403(b) plans with more expensive investment options when cheaper, comparable options were available.

403(b) plans are the equivalent of a 401(k) plan for non-profit organizations. According to the proposed lawsuit, due to the alleged mismanagement by Norton, the plan participants ended up paying approximately $2 million in excessive fees. Consequently, the plaintiffs are alleging Norton breached its fiduciary duty.

According to the complaint, the Norton 403(b) plan included 13,000 employees and $716 million in assets as of December 1, 2016.

The two named plaintiffs, Donna Disselkamp and Erica Hunter, are seeking class certification for participants in Norton's 403(b) plan from 2012 through to the time of a judgment.

In addition to Norton Healthcare Inc., four members of Norton's board of directors; Norton's Investment Committee and unidentified human resources executives are named as defendants.

The plaintiffs are represented by Louisville-based firm Bishop Korus Friend PSC and Birmingham, Ala.-based firms Tomlinson Law LLC, James White Firm LLC and Johnston Law Firm P.C.

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Published on Jan-25-18


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