General Electric Will Pay $61 Million to Settle a 401(k) Lawsuit

General Electric will pay $61 million to settle a six-year-old lawsuit by 401(k) participants who alleged that the plan violated ERISA by offering expensive, poor-performing proprietary mutual funds and failing to monitor these investments.
The settlement document was filed Oct. 6 with a U.S. District Court in Boston in the case of In re: GE ERISA Litigation, which represents consolidation of four similar lawsuits filed in 2017. The terms must be approved by the court, including total attorneys’ fees, which usually amount to one-third of settlement amounts.
An agreement in principle for the class-action settlement was announced in early August, but no terms were revealed at that time in a settlement achieved through mediation.
Read the source article at Pensions & Investments