Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Analog Devices Inks $1.5 Million Deal Over Linear 401(k) Fees

Feb. 15, 2022, 4:25 PM

Analog Devices Inc. will pay $1.5 million to settle claims that the 401(k) plan of Linear Technology Corp. overpaid for administrative fees in the years leading up to the companies’ 2017 merger, settlement papers filed in California federal court indicate.

The deal is expected to benefit about 3,000 participants in Linear Technology’s $600 million retirement plan by providing them with a “pro rata share” of the plan recordkeeping fees they paid in excess of $50 per year. It resolves allegations that the plan’s fiduciaries failed to monitor these fees and selected high-cost funds despite the ready availability of identical, lower-cost ...