Engstrom Lee

"The plan has been invested in the same GIBC stable value product since 1999, and the lawsuit alleged that the plan has lost more than $11.4 million from 2019 to 2023 due to investing in this product. . . . [T]he plaintiffs are asking the court to declare that Sentara breached its fiduciary duties under the Employee Retirement Income Security Act, replace its committee members and make good on plan losses, among other requests."

Sentara Healthcare Sued Over ‘Underperforming’ Stable Value Investment Option | PLANSPONSOR Its 403(b) plan committee was accused of failing to monitor its investment in a stable value investment product offered by Principal.

According to the lawsuit filed April 24 in federal court in Pittsburgh, the former employees didn’t actually lose money, but believe they could have earned a lot more if it wasn’t all sitting in cash investments earning an average 1.46%. They allege that the employee stock option plan, or ESOP, earned $778,539 from its cash investments between June 2018 and June 2023, while the plan would have earned ten times more — around $7.7 million over the same time — if the money had been placed in an index fund tracking the S&P 500.

Former employees sue O'Hara-based Aerotech, claiming company invested in low-yield accounts and cost them more money The stock market wasn’t just breaking records from June 2018 to June 2023 — it was shattering them like a bull in a china shop. Meanwhile,...