A group of current and former Maersk employees in the United States has filed a class action in federal court in Massachusetts against the company, the plan trustees and external advisers. The lawsuit concerns the management of the company’s pension fund, in particular the fixed annuity fund investment option, which the plaintiffs claim delivered markedly lower returns than comparable market alternatives. The case also names John Hancock Trust Company, as plan manager and administrator, and Mercer Investments as adviser. According to the court filings, since 2019 participants have collectively lost around $22 million because of the decision to retain the insurance-backed fund, despite the fiduciary duty under Erisa to act solely in the interests of workers.
The plaintiffs argue that John Hancock was in a conflicted position, acting at once as trustee, manager and administrator, while retaining fees and margins on investments. Neither Maersk’s internal pension committee nor Mercer, according to the complaint, exercised the necessary oversight to detect and address these issues. The lawsuit seeks recovery of the alleged losses, restitution of profits improperly retained by the managers, and stricter obligations on Maersk to ensure closer scrutiny in the selection of future pension products. The case affects more than 6,000 plan participants.
It is not the first time Maersk has faced similar disputes in the United States. In 2024 the company reached a $225,000 settlement in a case concerning excessive fees in its 401(k) plans. That agreement had a limited financial impact, but the new proceedings involve substantially larger sums and fit into a broader trend of litigation over transparency, costs and independence in corporate pension fund management.
