Land O’Lakes Settles 401(k) Fee Challenge for $1.8 Million

Land O’Lakes Inc. signed a $1.8 million settlement agreement to resolve a proposed class action challenging the fees associated with its employee retirement plan, a Minnesota federal court filing shows.

The settlement, which is expected to benefit about 11,000 participants in the Land O’Lakes 401(k) plan, represents about 20% of the participants’ maximum estimated damages of $9 million, according to the Monday filing. It also requires Land O’Lakes to seek proposals for a new plan record keeper within three years.

The deal comes one year after Judge David S. Doty allowed the participants to proceed with their attempt to hold ...