Transamerica Inks $5.4M Deal To Settle ERISA Class Action

By Emily Brill (June 23, 2021, 8:09 PM EDT) -- Transamerica Corp. told an Iowa federal judge Wednesday that it has inked a $5.4 million deal to settle an ERISA class action in which roughly 24,500 current and former workers accused it of stuffing its 401(k) plan with underperforming proprietary investments.

The suit, which beat a motion to dismiss in 2019 and was certified as a class action last year, alleged Transamerica let the investment funds it managed and placed in its 401(k) underperform their benchmarks by as much as 30% over a 10-year period.

If approved, the settlement will require Transamerica to deposit $5.4 million into a fund that will...

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