Mutual of Omaha Inks $6.7 Million Class Deal in 401(k) Fund Suit

Mutual of Omaha Insurance Co. will pay $6.7 million to resolve a proposed class action challenging the affiliated investment funds in its 401(k) plan, according to settlement papers filed in the U.S. District Court for the District of Nebraska.

The deal is expected to benefit about 7,000 people with retirement savings invested in Mutual of Omaha’s $500 million retirement plan, plan participant Tamera Lechner told Senior Judge Joseph F. Bataillon in a Sept. 18 settlement motion.

Lechner’s lawsuit accuses the Nebraska-based insurer of filling its 401(k) plan with affiliated investment funds that were essentially funds offered by third parties plus ...