KPMG Agrees to $650,000 Class Settlement in 401(k) Fee Challenge
KPMG #KPMG
KPMG LLP agreed to pay $650,000 to resolve a proposed class action by employees challenging the investment funds offered in their 401(k) plan.
The deal represents 17% of the “best-case outcome” for the proposed class of about 50,000 participants in KPMG’s retirement plan, according to a settlement motion filed Dec. 15 in the US District Court for the District of New Jersey.
The case is assigned to Judge Michael E. Farbiarz, who hasn’t ruled on the merits of the two-year-old dispute. The parties reached an agreement after participating in mediation sessions with a federal magistrate judge, according to the …