Maersk to Settle 401(k) Fee Proposed Class Action for $225,000

Maersk Inc. has agreed to pay $225,000 to settle a proposed 401(k) class action that a former employee brought against the container shipping company for allegedly charging excessive fees to cover administrative costs.

The company will also replace John Hancock Retirement Plan Services as its plan recordkeeper within three years of the settlement’s effective date, according to the plaintiff’s motion for preliminary approval of the deal filed Friday in federal court in North Carolina.

The parties initially announced that they’d reached a deal in April.

The settlement would cap a nearly year-long dispute between Maersk and former employee Charlene Leon ...