Liberty Mutual Gets Nod for $13.4 Million 401(k) Plan Settlement

Liberty Mutual Group Inc.'s $13.4 million class settlement with employees claiming 401(k) plan mismanagement secured initial approval from a Massachusetts federal judge.

The 50,000-person deal, which represents between 25% and 46% of the total damages sought by plaintiffs, requires Liberty to look for new plan service providers and to instruct its 401(k) recordkeeper not to market unrelated products to plan participants. Judge Mark G. Mastroianni granted preliminary approval to the settlement and scheduled a Sept. 2 fairness hearing in an order issued Thursday in the US District Court for the District of Massachusetts.

• The parties first announced they’d struck ...