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McKinsey’s $39.5 Million 401(k) Settlement Gets Early Approval

Sept. 21, 2020, 4:17 PM

McKinsey & Co. received early approval for a $39.5 million deal to resolve claims alleging it improperly profited off its employees’ 401(k) plans by filling them with expensive investment options that paid fees to a McKinsey subsidiary, according to a Manhattan federal judge’s ruling.

The settlement, expected to benefit about 33,000 people who invested in McKinsey’s retirement plans, will end claims under the Employee Retirement Income Security Act.

Judge Gregory H. Woods’s Sept. 18 approval in the U.S. District Court for the Southern District of New York comes in one of the largest settlements signed in recent years by ...