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Class Action Lawsuit filed against Cook Medical

By DOMINICK HEYOB

Posted June 29, 2022

The outside of Cook Medical

Cook Medical did not reply to a request for comment on the pending litigation. (WTIU/WFIU News)

Bloomington-based Cook Medical is being accused of unreasonable and excessive fees charged to Cook employees’ 401k plans. 

Indiana law firm Wagner and Reese filed a class action lawsuit in federal court Monday.  

Attorney Timothy Devereux said that the fees were the result of a lack of scrutiny toward Cook’s fiduciary responsibilities.  

 Fiduciaries are required to evaluate fees and expenses, as well as remove imprudent ones. 

Wagner and Reese doesn’t know the exact amount that employees have lost from excessive fees, but Devereux said the fees are small on their own. “A one percent increase in fees over the lifetime of a plan can actually reduce your ultimate return by up to 28 percent.”  

He added there’s no easy way for the average investor to figure out how many fees they’re being charged. The law firm will be requesting documents from Cook to figure out how much investors have lost.  

The firm also found that many of the shares being offered to plan members were being sold at higher retail rates instead of institutional rates, which Devereux said members are entitled to.  

“There are a number of these lawsuits pending,” Devereux said.

Bloomberg Law reported more than 170 lawsuits related to retirement plan fees since 2020 connected to violations of the Employee Retirement Income Security Act. 

Devereux said that the suit is not accusing Cook of an intentional, malicious act.

“We’re finding that these plans can be run better, and that’s what they need to be done in order to fulfill their fiduciary duty,” Devereux said.  

The new federal case has a great deal of work ahead. Determining how much participants have lost will be integral because if successful, the suit will demand Cook to fully reimburse their employees for losses.  

Cook Medical did not reply to a request for comment on the pending litigation.  

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