BTG Reaches Deal In 401(k) Record-Keeping Fee Challenge

Law360 (August 21, 2020, 3:38 PM EDT) -- BTG International Inc. has struck a deal to settle claims that the health care company allowed its 401(k) plan's record-keeper, the money manager John Hancock USA, to excessively profit at BTG workers' and retirees' expense.

The two former BTG workers who filed the proposed class action, Candace Agate and Ramon Diaz, asked a Pennsylvania federal judge to approve the $560,000 deal on Thursday.

If approved, the settlement would put to rest claims that BTG flouted the Employee Retirement Income Security Act by failing to adequately monitor its plan's investments, fees and managers, resulting in John Hancock collecting millions of dollars in...

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