McKinsey Agrees To $40M Deal In ERISA Self-Dealing Suit

Law360 (August 11, 2020, 11:06 AM EDT) -- McKinsey & Co. Inc. has struck a $40 million deal to settle a proposed ERISA class action alleging its employee retirement plans enriched a company subsidiary by tens of millions of dollars at workers' expense, according to documents filed in New York federal court.

Former McKinsey employee Tushar Bhatia — suing on behalf of more than 30,000 current and former McKinsey employees — filed settlement paperwork Monday, seeking court approval of a $39.5 million pact that also requires the company to undergo independent review of its retirement plans' investment strategy for three years.

Bhatia sued the company in February 2019, accusing...

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