Court Preliminarily Approves Settlement Of Action Challenging Wal-Mart’s Plan Fees

A $13.5 million settlement of a putative class action filed by participants in Wal-Mart Stores Inc.'s 401(k) plan alleging the plan committee breached its fiduciary duties by selecting mutual funds that charged excessive fees was granted preliminary approval Dec. 5 by the U.S. District Court for the Western District of Missouri (Braden v. Wal-Mart Stores Inc., W.D. Mo., 6:08-cv-03109-GAF, 12/5/11).

In granting preliminary approval of the settlement, Judge Gary A. Fenner said he was “preliminarily satisfied” that the settlement was “fair, reasonable, and adequate, such that it is appropriate to consider whether to certify a class for ...