Plaintiffs accept $5.4 million Transamerica 401(k) settlement
Participants had accused the plan's fiduciaries of using poorly performing investment options.
Attorneys for a group of current and former Transamerica Corp. employees who participated in the company’s 401(k) have filed a motion to approve a $5.4 million settlement in an ERISA class-action suit.
If approved, the settlement would end the suit filed by six plaintiffs in December 2018, which accused the plan’s fiduciaries of retaining several poorly performing investment options.
Under the terms of the proposed settlement, Transamerica will pay $5.4 million into a settlement fund to be allocated pro rata among the class.
Representing the class was the law firm of Sanford Heisler Sharp, which filed the motion in federal court in Des Moines, Iowa.
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