Neuberger Berman Group LLC’s 401(k) committee is finalizing a settlement to end a proposed class action challenging the plan’s affiliated investment funds, according to a letter submitted to a federal judge in the Southern District of New York.
The committee and the plan investors have made “significant progress toward settlement” and expect to have a deal ready for court approval within 60 days, the parties said in a letter to Judge Laura Taylor Swain filed Monday.
The lawsuit—filed in 2016 by plan investor Arthur Bekker—claims Neuberger’s 401(k) committee filled the plan with expensive, actively managed funds that earned fees for ...
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