BHS Reaches Deal To Exit Pension Plan Suit
America ı By Rihem Akkouche
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In a decisive move, Berkshire Health Systems Management Services Inc. (BHS), a leading healthcare provider in Berkshire County, Massachusetts, has reached an agreement to resolve a lawsuit brought by former employees over its $500 million pension plan. The lawsuit accused BHS of selecting high-cost funds for the plan and failing to maintain competitive fee levels.
BHS Reaches Deal To Exit Pension Plan Suit : Details of the Agreement
A joint status report filed on Tuesday in Massachusetts federal court revealed that BHS and three former employees have agreed in principle on the terms of the settlement. The parties are expected to provide more comprehensive details of the deal to the court by June 24. This agreement concludes the contentious litigation brought under the Employee Retirement Income Security Act by former workers Matthew Coviello, Nathan Byrne, and Victoria Halsted.
Legal Journey and Class Certification
The dispute gained significant momentum when, in March 2023, U.S. District Judge Mark G. Mastroianni approved a class action status for the lawsuit, allowing over 5,500 current and former employees who invested in the plan during the specified period to join the legal battle. This class certification came despite BHS's initial resistance to the claims in March 2021, arguing that the plaintiffs were uninformed about the fund selection process.
BHS Reaches Deal To Exit Pension Plan Suit : Overcoming Legal Challenges
Despite BHS's efforts to dismiss the claims, Judge Mastroianni ruled in October 2021 that the plaintiffs had the standing to sue on behalf of the entire plan, not just on the basis of personal investment in the questioned funds. This was further solidified when the judge denied BHS's motion to dismiss in June 2022, recognizing that the former employees had provided sufficient evidence to allege that the plan managers had breached their fiduciary duties by allowing excessive fees.
Origins of the Lawsuit
The legal challenge began in December 2020 when Coviello, Byrne, and Halsted accused BHS of breaching federal benefits laws by retaining poorly performing and costly investment funds. They highlighted that these funds resulted in plan participants paying approximately $310 annually in administrative and recordkeeping fees—far above the expected $35, given the plan's size and bargaining power.
Representation and Legal Counsel
The class of former employees is represented by a robust legal team from Capozzi Adler PC, Muhic Law LLC, and the Law Offices of Jeffrey Hellman LLC. On the other side, BHS Management Services has its defense led by professionals from Jackson Lewis PC. As the legal proceedings draw to a close, both parties have chosen to keep a low profile with representatives from BHS not responding to comments and class counsel declining to comment.
BHS Reaches Deal To Exit Pension Plan Suit : Conclusion
This settlement marks a significant chapter for BHS and its former employees, potentially setting a precedent for how large healthcare providers manage and select funds for their pension plans. The final details of the agreement, once disclosed, will provide further insights into the impacts and changes in pension plan management practices post-litigation.
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