IQVIA 401(k) Suit: Legal Proceedings and Allegations
The lawsuit, initiated in June 2020 by the company’s former employees, accused IQVIA and its leadership of failing to adhere to federal benefits law by endorsing poor-quality investments that were pricier than those available to similar plans. The plaintiffs argued that IQVIA could have saved approximately $4.5 million in 2018 alone by opting for less expensive, less risky index funds over the selected active funds.
IQVIA 401(k) Suit: Fiduciary Duties and Summary Judgments
While U.S. District Judge William L. Osteen Jr. agreed to send certain claims to trial, he ruled in favor of IQVIA on allegations of disloyalty towards plan participants. The trial will examine whether the decision-makers violated their fiduciary duty of prudence by choosing such investments.
IQVIA 401(k) Suit: The Larger Impact and IQVIA’s Role
The class action encapsulates all individuals involved in the plan from mid-2014 through the case’s conclusion. IQVIA, headquartered in Durham, North Carolina, is renowned for its clinical research efforts to develop new pharmaceutical treatments.
