In a recent ruling by a federal court in Seattle, Milliman's bid to dismiss a lawsuit under the Employee Retirement Income Security Act (ERISA) brought by a participant of its 401(k) plan was once again turned down.
This ongoing legal challenge sees U.S. District Judge Thomas S. Zilly reaffirming his previous stance, thereby denying the reconsideration sought by Milliman and its fiduciaries in the case titled Joanna P. Mattson vs. Milliman Inc. et al.
Milliman had petitioned for a reevaluation of the case, invoking a ruling favorable to the defense from the 2nd U.S. Circuit Court of Appeals in New York. The reference to the Falberg vs. Goldman Sachs Group Inc. et al. decision was made due to its examination of similar legal questions as those presented in the Milliman lawsuit. Despite this, Judge Zilly, on February 8, had already declined the request for summary judgment from the defendants.
Situated within the jurisdiction of the 9th U.S. Circuit, the Seattle court found the appellate court's verdict in New York insufficient to dismiss the material facts at issue in this case, as noted by Judge Zilly. Summary judgment motions, typically filed post-discovery, allow the court to deliberate on case specifics. Conversely, motions to dismiss, usually filed shortly after a lawsuit's commencement, argue the insufficiency of the plaintiff's claims.
Initially filed in January 2022, the lawsuit accused Milliman of ERISA violations, highlighting the inclusion of a target-risk series with limited historical data and subpar performance within its plan. Although Judge Zilly dismissed this suit in June 2022, he permitted the filing of an amended lawsuit. This revised submission effectively presented enough evidence to forestall the defendants' dismissal request in December 2022.
The retirement plan in question, the Milliman Inc. Profit Sharing and Retirement Plan located in Seattle, reported assets totaling $1.6 billion as of the end of December 2022, according to its latest Form 5500 filing.
