Transamerica Settles ERISA Excessive-Fee Suit For $3.8M

Law360, New York (June 30, 2016, 5:39 PM EDT) -- An Iowa federal judge has preliminarily approved a $3.8 million class action settlement in an excessive-fee lawsuit brought against Transamerica Corp. by some of its employees, who claimed the company did not live up to its fiduciary duty under the Employee Retirement Income Security Act with its 401(k) plan.

U.S. District Judge Edward J. McManus on June 24 granted preliminary approval to the settlement calling for Transamerica to pay $3.8 million to current and former employees. The employees alleged that Transamerica breached its fiduciary duty under ERISA — which requires those that administer 401(k) plans to act in the best interest...

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