Halunen Law attorney Susan Coler local counsel to legal team achieving historic $69 million 401(k) ERISA settlement from UnitedHealth Group
December 18th, 2024
In what is believed to be the largest settlement under the federal Employee Retirement Income Security Act of 1974 (ERISA), UnitedHealth Group will pay $69 million in a class action case. Whistleblower and plaintiff Kim Snyder claimed UnitedHealth Group failed to remove investments from a poorly performing Wells Fargo 401(k) plan. In so doing, employees invested in the fund lost hundreds of millions of dollars in potential retirement savings, Snyder alleges.
Sanford Heisler Sharp McKnight was the lead counsel on the case. Minneapolis-based Halunen Law attorney Susan Coler served as local counsel, providing legal advice and assistance. The case alleged that UnitedHealth had violated its fiduciary duties under ERISA by prudently and disloyally selecting, retaining, and monitoring the poorly performing Wells Fargo Target Fund Suite.
“This outcome is impressive and gratifying,” said Coler. “Snyder and the legal team worked tirelessly for three and a half years to achieve this result, which, if approved, will offer a direct financial remedy to class members who have been impacted.”
Read more about this historic case settlement:
401k Specialist: UnitedHealth Group Agrees to Historic $69 Million 401(k) ERISA Settlement
USA Herald -UnitedHealth Settles $60M ERISA Suit
National Association of Plan Advisors: ‘Historic’ Excessive Fee Suit Strikes $69 Million Settlement
Law360 – UnitedHealth to pay $69M in Suit Over 401(k) Fund Roster
A Partner at Halunen Law, Susan Coler is a member of the Halunen Law False Claims Act (FCA)/Whistleblower Practice Group. She represents whistleblowers who challenge illegal corporate conduct, particularly fraud against the government. Susan represented a relator in an FCA claim against Abbott Laboratories that resulted in a civil settlement of $800 million (total settlement of $1.5 billion), the fifth-largest civil healthcare recovery ever achieved under the FCA. As an MSBA Labor and Employment Law Specialist, Susan has also brought successful retaliation claims in connection with FCA/qui tam cases and as stand-alone actions.