Milliman Class Action

Case Description

Case Type: Financial Services Litigation
Company: Milliman, Inc., et al.

On January 13, 2022, Sanford Heisler Sharp filed a class action lawsuit against Milliman, Inc. alleging that the company breached its fiduciary duties under ERISA by mismanaging the company’s retirement funds. The Complaint was filed in the U.S. District Court for the Western District of Washington.

The Complaint alleges Milliman failed to eliminate a family of risk-based “target risk funds,” from the company’s Profit Sharing and Retirement Plan that have significantly underperformed meaningful benchmark funds and indices for nearly ten years.

Milliman, a global consulting and actuarial firm, had annual revenues of approximately $1.4 billion last year advising companies in a variety of industries: healthcare, property and casualty insurance, life insurance and financial services, and employee benefits.

The underperforming target risk funds have had a significant negative impact on employees’ retirement funds and has resulted in losses to its employees of potentially up to $85 million in retirement savings.

Plaintiff Joanna Mattson filed the case as an individual and as representative of approximately 4,000 Plan participants in Milliman’s $1.7 billion 401(k) Plan. The defendants are Milliman, Inc. and its Board of Directors, the Milliman Investment Committee and Administrative Committee, and their members.

Contact Us

If you or someone you know is or was employed at Milliman, fill out our form below to learn if you are potentially eligible to seek compensation. Sanford Heisler Sharp filed a class action Complaint against Milliman, Inc. alleging the company’s mismanagement of its employees’ retirement funds. For nine years the Milliman Plan has taken in over a quarter billion dollars from employees for investment in these funds. Milliman’s decision not to remove the target risk funds has cost the Milliman Plan and its employees potentially up to $85 million in retirement savings.

Sanford Heisler Sharp would like to have the opportunity to help any Milliman employees learn if they are potentially eligible to seek compensation. Please relate the details of your potential legal claims by answering the questions below. Please call 646-681-7373 if you encounter any technical issues submitting your responses to these questions.

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    • Were you invested in the 401(k) plan’s Unified funds?

  • *If we have any follow-up questions, what day(s) and time(s) this next week are you available to discuss your potential legal claims?