Verizon Will Pay $30 Million to Settle a 401(k) Lawsuit

Verizon Communications Inc. will pay $30 million to settle a lawsuit by a former participant in a company 401(k) plan who alleged ERISA violations in its investment practices, according to a settlement document filed July 7 in a U.S. District Court in New York.

The parties announced an agreement in principle last month for the 7-year-old lawsuit, but they didn’t reveal the terms at that time.

The class-action settlement will cover 160,000 participants and beneficiaries. The agreement document was filed by attorneys representing the plaintiff and was unopposed by the defendants.

Read the source article at Pensions & Investments