The suit says about $584 million was invested in the challenged fund at the end of 2024.
SEATTLE — Five former Providence employees have filed a proposed class action in federal court in Seattle, alleging Providence mishandled two 401(k) plans by keeping an underperforming Invesco fund in the investment lineup for years.
The complaint, filed Friday, names Providence Health & Services, St. Joseph Health System, the Providence St. Joseph Health board and two committees that oversee the plans.
The lawsuit alleges breaches of fiduciary duty and other violations under the Employee Retirement Income Security Act, or ERISA.
The plaintiffs are all former
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