Massive Walgreens Worker Class Inks $13.75M 401(k) Deal

By Lauren Berg (October 25, 2021, 8:00 PM EDT) -- A certified class of nearly 200,000 participants in a 401(k) plan asked an Illinois federal judge to greenlight their $13.75 million deal resolving claims that the pharmacy chain Walgreens cost workers $300 million by steering their retirement savings into mutual funds that brought subpar returns.

The class of about 195,000 current and former participants in the Walgreen Profit-Sharing Retirement Plan told U.S. District Judge Charles R. Norgle on Friday that under the proposed settlement, Walgreens and the other defendants will create a $13.75 million fund, and the Northern Trust Focus Retirement Trusts will be removed from the 401(k) plan.

The plan...

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