Engineering Co. Agrees To $1.9M Deal To End ERISA Suit
By Abby Wargo (January 24, 2022, 7:45 PM EST) -- Workers and retirees who accused a construction engineering company of mismanaging their 401(k) plan told a Texas federal court that they had struck a $1.88 million deal to end the case.
The workers behind the proposed Employee Retirement Income Security Act class action asked U.S. Magistrate Judge Elizabeth S. Chestney on Friday for a preliminary green light for the settlement, in which San Antonio-based Zachry Holdings Inc. agrees to pay $1.875 million to thousands of 401(k) plan participants.
The workers claimed the company ran afoul of the federal benefits law by holding onto poorly performing investments and allowing the plan to pay...
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