Participants suing TriHealth Inc. for ERISA violations in the company's 401(k) plan dropped their lawsuit, according to a notice filed April 21 in a U.S. District Court in Cincinnati by attorneys representing the plaintiffs and defendants.
The notice provided no details other than to say the lawsuit was dismissed "with prejudice" — it cannot be refiled in that court — and that both parties would bear their own legal fees and costs in Forman et al. vs. TriHealth Inc. et al.
The plaintiffs sued in July 2019, alleging, among other things, that the plan charged high fees and offered certain investments that cost more and returned less than similar options in the marketplace.
U.S. District Court Judge Matthew W. McFarland in Cincinnati dismissed all claims in September 2021. However, in July 2022, the 6th U.S. Circuit Court of Appeals, Cincinnati, reversed part of his decision.
A three-judge appeals court panel supported the plaintiffs' argument that TriHealth fiduciaries should have chosen institutional-priced shares instead of retail shares for certain investments. The panel sent the case back to the U.S. District Court.
TriHealth Inc. Retirement Plan, Cincinnati, had $1.1 billion in assets as of Dec. 31, 2021, according to its latest Form 5500 filed with the Labor Department.
