Anthem Unit Looks To End 401(k) Plan Suit With $24M Deal

Law360 (April 8, 2019, 6:36 PM EDT) -- An Anthem subsidiary has agreed to pay nearly $23.7 million to settle allegations that it mismanaged its multibillion-dollar 401(k) plan by letting participants pay excessive fees and invest in a poorly performing money market fund.

The participants on Friday asked U.S. District Judge Tanya Walton Pratt to greenlight the deal, saying the agreement is a fair resolution to their Employee Retirement Income Security Act class action against ATH Holding Co. LLC. The participants told the court the nonmonetary relief in the settlement made the deal's value even greater than its $23.7 million price tag.

As part of the settlement, ATH Holding's...

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