Demoulas Strikes $17.5M Deal In 'Abysmal' 401(k) Plan Suit
Law360 (November 23, 2020, 11:57 PM EST) -- DeMoulas Super Markets Inc. agreed to cough up $17.5 million to end a proposed class action accusing the Massachusetts-based grocery chain of giving thousands of workers just one "abysmal" choice for investing their retirement savings.
The plaintiffs on Friday told U.S. District Judge Leo Sorokin that the settlement, which includes changes to the company's retirement plan as well as the monetary payout, should close out their Employee Retirement Income Security Act lawsuit against DeMoulas, which operates Market Basket grocery stores.
"The $17.5 million settlement amount is substantial in relation to other similar ERISA settlements," the workers said in a memorandum of...
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