Cerner Agrees to $4.05 Million Deal, Ending Two 401(k) Fee Suits

Cerner Corp. will pay $4.05 million and change how it manages its retirement plan, resolving two proposed class actions claiming the $2 billion plan was filled with overly expensive mutual funds, plan participants told a federal judge in the U.S. District Court for the Western District of Missouri.

The deal is expected to benefit about 26,000 people covered by the health technology company’s 401(k) plan by providing them between 27% and 40.5% of their estimated damages, according to settlement papers filed Thursday. The deal also requires Cerner to make prospective changes to its plan, including looking for a new plan ...