Advance Auto Parts Workers Announce 401(k) Plan Fee Settlement

An Advance Auto Parts Inc. subsidiary plans to settle a 22,000-person class action challenging the fees tied to its employee 401(k) plan.

The parties reached an agreement following a private mediation session and plan to file the deal for court approval by Dec. 19, they said. Their settlement notice, filed Nov. 3 in the US District Court for the Western District of Virginia, didn’t include details about the terms of the agreement.

The lawsuit says Advance Advance Stores Co. chose mutual funds for its $1 billion retirement plan that were more expensive than identical, related funds with cheaper costs. ...