Neuberger Berman Workers Nab $17 Million 401(k) Plan Settlement

Neuberger Berman Group LLC’s 401(k) committee signed a $17 million settlement agreement with plan participants who challenged the plan’s affiliated investment options, according to court papers filed in the U.S. District Court for the Southern District of New York.

The deal, announced Wednesday, is expected to benefit about 1,500 participants in the Neuberger 401(k) plan who invested in the Value Equity Fund, an actively managed fund that paid fees to a Neuberger subsidiary. The participants claim this fund, which has since been removed from the plan, performed poorly and charged excessive fees.

The case is pending before Judge Laura Taylor ...