Bechtel Reaches $18.5M Settlement To End ERISA 401(k) Plan Fees Litigation

Bechtel Corp. has agreed to pay $18.5 million to settle a class action by employees who alleged the company breached its fiduciary duties by paying excessive fees to a subsidiary it established to act as an investment manager for the company’s Section 401(k) plan, according to court documents filed Oct. 12 (Kanawi v. Bechtel Corp.).

The joint motion for preliminary approval of the settlement was filed with the U.S. District Court for the Northern District of California just days after the U.S. Court of Appeals for the Ninth Circuit put on hold oral arguments that were set to ...