Settlement discussions began in 2022, and in September of this year, the parties announced they had reached an agreement, though the financial terms were undisclosed until now.
UnitedHealth Denies Wrongdoing
Despite agreeing to the settlement, UnitedHealth continues to deny any misconduct. A company spokesperson emphasized that the 401(k) plan fiduciaries “have always acted in the best interests of plan participants.” The settlement, they said, will allow all parties to move forward.
Legal Representation and Next Steps
The class is represented by attorneys from Sanford Heisler Sharp McKnight LLP and Halunen Law, while UnitedHealth is represented by lawyers from Faegre Drinker Biddle & Reath LLP and Kirkland & Ellis LLP. Wells Fargo, which was not a defendant in the case, declined to comment.
Pending court approval, the settlement could set a precedent for ERISA litigation involving investment performance, underscoring the importance of fiduciary duties in managing employee retirement plans.
