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McKinsey & Co. Settles Suit Over Affiliated Funds in 401(k) Plan

May 27, 2020, 2:53 PM

Global management consulting firm McKinsey & Co. will settle a proposed class action by workers who claim the company’s 401(k) plan charges excessive fees, the parties told a federal judge in the Southern District of New York.

The settlement, announced Tuesday in a letter to Magistrate Judge Sarah Netburn, resolves a proposed class action filed under the Employee Retirement Income Security Act. Details about the settlement will be made public by mid-July, the parties said.

The lawsuit claims McKinsey’s retirement plans—which together hold more than $6 billion in assets—are two of the most expensive large defined contribution plans in the ...