Advantage Solutions Narrows 401(k) Suit With Partial Class Deal

Advantage Solutions will pay $125,000 to resolve allegations that its 401(k) plan’s administrative fees were too high, while continuing to defend claims over the plan’s investment lineup.

The partial settlement would resolve claims that tens of thousands of Advantage 401(k) plan participants paid excessive annual recordkeeping and administrative fees of about $61 per person. It requires the company to look for a new 401(k) recordkeeper and doesn’t affect the plan participants’ ability to continue pressing claims that Advantage failed to properly monitor the plan’s funds and saddled them with an imprudent investment option.

The proposed deal, announced Tuesday in the ...