Payers Face ‘Ever-Increasing Likelihood’ of ERISA Fiduciary Lawsuits
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Feb 02, 2024
As plan beneficiaries and lawyers gain access to newly released price transparency data, health plans and plan sponsors must take proactive steps to limit their legal risk of violating health plan fiduciary standards under the Employee Retirement Income Security Act (ERISA), according to experts from the law firm Faegre Drinker. Experienced plaintiffs' attorneys are actively looking for cases that could establish a cottage legal industry around ERISA plan fiduciary suits, the experts say.
“There is an ever-increasing likelihood that some action or omission by health plan fiduciaries will be scrutinized either by the Department of Labor, or in a class action lawsuit brought by plaintiffs lawyers representing plan participants,” said Kendra Roberson, partner at Faegre Drinker, during a Jan. 25 presentation on ERISA health plan fiduciary legal risk. “These lawsuits would be similar to those that have been brought against retirement plan fiduciaries challenging 401(k) and 403(b) plan fees and costs.”
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