Banner Health workers strike $500K deal with advisory firm

Employees of Phoenix-based Banner Health have entered into a $500,000 settlement with advisory firm Jeffrey Slocum & Associates, according to Bloomberg Law.  

The employees filed a class-action lawsuit alleging mismanagement of Banner Health's 401(k) plan. They alleged Banner, the system's board of directors and Jeffrey Slocum & Associates breached their fiduciary duties under the Employee Retirement Income Security Act.

The settlement with the advisory firm does not resolve the employees' claims against Banner or its board of directors. Those claims are set for a trial beginning Jan. 6, according to the report.

Access the Bloomberg Law article here.

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