PNC $6.1 Million Settlement Over BBVA 401(k) Plan Gets Final Nod

A $6.1 million settlement with PNC Financial Services Group Inc over a Spanish banking subsidiary’s allegedly bad 401(k) management received final approval from a federal judge.

BBVA Compass Bancshares Inc was accused of leaving one-fifth of its 401(k) assets in the Vanguard Money Market Fund, a strategy the plaintiffs said was tantamount to leaving the money in a mattress. The class of about 27,000 participants in the retirement plan would recover an estimated 7.7% of damages, according to the US District Court for the Northern District of Alabama, which said the settlement was “fair, reasonable, and adequate.”

• Class counsel were ...