Philadelphia’s CDI Corp. Cleared for $1.8 Million 401(k) Deal

A $1.8 million settlement between CDI Corp. and employees who sued the Philadelphia-based engineering company over its 401(k) plan fees received final approval Tuesday from a federal judge in Pennsylvania.

The settlement, which is expected to benefit more than 4,100 people covered by the company’s $263 million 401(k) plan, resolves allegations that CDI mismanaged the plan in violation of the Employee Retirement Income Security Act.

The company was accused of failing to implement a proper system for evaluating the plan’s investment options, which allegedly caused the plan to offer expensive, actively managed funds and retail share classes in lieu of ...