Agreement reached in Novant Health retirement lawsuit

WINSTON-SALEM, N.C. (AP) -- A Winston-Salem based hospital system has agreed to settle a class action lawsuit about its retirement plan.

Novant Health Inc. has agreed to pay $32 million to settle the lawsuit.

The suit was filed last year in U.S. District Court in Greensboro by six current and former employees. 

The preliminary settlement was reached Monday.

The lawsuit accused the health system of causing those in the plan to pay millions of dollars in fees for excessive record keeping and administrative services to third-party providers.

Attorneys for those suing say there are about 25,000 affected Novant employees who had been automatically enrolled in the retirement plan since 2009.

The agreement must be approved by U.S. District Judge William Osteen Jr.

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